Is Dow Jones reversing again?

 I have been actively posting new entries lately and now including a mid-week article. But the mid-week article stopped this week.

This is not because of my laziness. 

I was doing a revision of the charts on Wednesday when I realized that there was close to nothing that I can up-date on. Most of the counters are movements in development that was already included in my previous up-dates. If I am to type in anything at all, I am going to repeat myself.

I have decided that there would be no entry during the week and waited out for the weekend. Plus, there is a more important event to focus on: My son's GCE 'O' level written examination starts this week! I have to cater to his convenience.

Even till the end of the week, I am still not seeing much big deviation in the market. I have addressed currencies in my entry last week, with focus on SGD. 

Even with "Hoo Ha" on the 20th General Meeting of CCP, it did not make much difference on Hang Seng. The meeting is already with foregone conclusion from the start, Xi is going to get his third term, and I foresee it as bad omen for China, Hog Kong and Taiwan but good for other countries in Asia Pacific region. Xi is going to flush Hong Kong down the drain and create a mess in Taiwan affair.

So is there anything interesting?

Fig 1. Dow jones Weekly Chart

Dow Jones has been supported by its Bollinger band the last 2 weeks and  shot up this week with a firm bar barely touching the 144-week moving average from below. Has Dow Jones actually reached its objective?

Using porjection measurement, apparently it fell short of reaching the 100% mark and recoiled back to cross the 61.8% support turned resistance at 30,672. It maintained above this mark at the end of the week.

I suspect that it will continue its present trend till it reach the 55-week moving average presently at 32,430. In general, the counter is still bullish on the long run as the moving averages are in sequence supporting an up-trend.

Fig 2. Dow Jones Daily Chart

The counter looks more interesting on daily chart, with a long bar crossing the 55-days moving average after a mild congestion forming a flag. This allows me to measure using projection for a resistance at 32,159, above where 144-day moving average is presently.

Coincidentally, this is also the rough objective of a small double bottom of the counter. 

By then it will be testing the 61.8% retracement line.

I am just not sure if it leads to reversal of other counters.