The Dow, the Dirty Thirty, performs a faceplant last week printing five consecutive down weeks for the first time since 2011. The rising wedge pattern creates the spankdown and price retraces the wedge as typically occurs. Note how price plays between the 20-week MA resistance at 25701 and 50-week MA support at 25345. Thus, stock market bulls win above 25701 while bears win below 25345.
30 stocks are not a good gauge on the market but the public follows the Dow and historical data going back many decades is only available for the Dow. The S&P 500, the SPX, is the US stock market and the most important index.
Early March saw a lot of strong buying as evidenced by the large volume candlestick. Price is playing around in the same region but the selling volume is not as strong favoring bulls. In fairness to bears, trading volume is lackluster around the Memorial Day holiday. Also, five solid weeks of selling, an 8-year record level, is already a lot of volume. 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
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