DJI - Dow Jones Industrial Average 24/10/2018

Evening everyone, just a quick updates on today's price action on the DJI.

The DJI lost over 600 points in today's trading and the price has now closed well below the 200 daily moving average. It has also closed below the purple trendline which is also shown in the image below. If price stays below this trendline the Dow could be in for some further sell side action short term.

If you change to a week scale chart, you can see the current weekly candle is below the 55 moving average, if this week closes below this moving average, you can expect perhaps a retest of the 55MA with it being resistance, and failing that, some further downside price action to the 100 weekly moving average to around the 23,000 point level.

We could see a retest to the 200 MA with the MACD showing near oversold conditions on the daily chart, but i dont see much momentum building up with the FUD building up within the markets, time will tell. Let me know how you see the market going into 2019, bearish or bullish? Is this a correction or the start to a bear market? Upvote and follow it is always greatly appreciated.

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Disclaimer: I am not a financial advisor and any of my content should not be taken as financial advice. The information and content provided is purely my own thoughts and intended for informational and entertainment purposes only. This is not investment advice. If you want to invest you should consider consulting with a professional beforehand.