DJI_5U
16245
A rising channel has been broken!
As shown on the weekly chart the market has broken the rising channel t 17350 and reached its down target at 15500s levels.
Short & Mid – Term View
FED rate hike consider a major factors for US stock markets, with a rate hike probability increases more downward pressure will be generated on the stocks. In general, stocks are being traded between 15500 and 17500 which we consider it a major trend range awaiting a breakout of one of those levels would considered the major signal for mid-term direction. Finally, the short-term direction is uncertain with higher VIX reading (The fear index) , so , we would prefer to wait in the short-term and keeping your eye in the mid to long term direction.
Long-Term:
Long term we would see a downward correction for the major stock bull started which started since 2009 , targeting a prices of 13000s/11000s , which then we will consider a levels for investor to pick stocks one more time.
Daily Trend: Down
Weekly Trend: Up
| Support | Resistence | |
| Level 1 | 16250 | 16800 |
| Level 2 | 15850 | 17250 |
| Level 3 | 15300 | 17500 |
