INDU Dow Industrials Average Daily Chart Drops 1,000 Points Off The Top H&S Pattern

The Dow Industrials are off 1000 points from the highs in September-October.  The drop is about 7.5% thus far. A 10% drop, which would lock in the down move as a correction phase, would occur at 12285.  The blue H&S, with a double-head, targets the 12250 area to satisfy the pattern, the same place as a 10% correction.  The indicators are set up the same as the SPX and Nasdaq charts.  The MACD histogram, stochatics and money flow want to see a bounce right now but the RSI and MACD line want to see a lower low in price after a bounce occurs.  Support levels of interest are 12600, 12500, 12400, 12250-12290, and 12100. The broad markets should place a near-term bottom any time from now thru Monday.

WMT, a component of the Dirty Thirty, disappointed with earnings a few minutes ago. WMT is down 3%, two points, pre-market.  As a rule of thumb for any Dow component, use a factor of eight to gauge its effect onthe overall index.  Thus, -2 times 8 is -16, so WMT will contribute sixteen negative points to the Dow Industrials today if the pre-market action follows thru the opening. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.