Dow futures - heading for further correction
MYM1! Dow Futures have broken below the distributive uptrend channel and confirms the double top formation. Long-term MACD is bearish while mid-term stochastic has shown an oversold crossover. 23-period ROC is below the zero line and Ichimoku has shown first sign of bearish signal. Support is at 37,600Note
Rebounded at key support of 37,600. However, please be cautious on riding the rebound. Consider taking some profit firstNote
Likelihood of a strong upside targeting 39,874Note
Broke beyond the 40K region. Potential expanding flat forming. Volume is low, so the ATH may falter.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.