INDU Dow Jones Industrial Average Daily Chart Upwards-Sloping Channel Rising Wedge Overbot Negative Divergence New All-Time Closing and Intraday Highs

The Dow Industrials print a new all-time intraday high at 14684.49 and new all-time closing high at 14662.01. The bulls are relentless. The dividend and blue chip stock bubbles grow as the Fed's easy money bloats the divvy plays to where the seams are about to burst. In addition, money now fleeing Europe is rushing into these so-called safe plays. The black upwards channel remains in play.  The red and purple rising wedges and negative divergence resulted in spank downs as would be expected but the pull-backs were paltry at only 100 to 200 points. The high today creates the blue rising wedge and along with the overbot conditions and negative divergence, another spank down is needed in the days ahead. The levels where the big selling volume occurred in mid-March, at 14400-14500, needs retested. The 20-day MA is 14469 that also needs tested and it is within this range.

Projection is down ahead despite the Fed pumping with the Dow coming down to test the 20-day MA, then the lower trend line for the channel, and then the 50-day MA at 14150 (sloping upwards) as the days and weeks move along. 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.