Dubai Debt annoucement triggered a new wave of global stock market freefall… Asian market had a nightmare last Friday, though it tried to recover some loss today.
But it seems that there will be more bad news coming, watch out this week!
I have not posted US Dow Jones stock market trend for quite a long while since June. And I am sure you know that US Dow Jones has been going upwards in the past 4 months as the world economy is recovering.
Is Dow Jones Upwards Momemtum Sustainable?
I saw that Singapore STI broke the upward trendline 2 days ago. However, STI was still trading in the pennant range now. It is a tug of war between bull and bear now. There is a likelihood to break up or down at the pennant.
While Dow Jones dived to near 2002 low in March, Singapore and Hong Kong markets was the only markets that did not fall to 2002 low level. These 2 markets also followed Dow Jones to rebound and enjoy a nearly 3 months of bull markets so far.
Do you think this bull uptrend market will continue on Singapore & Hong Kong markets?
Let’s look at Singapore Straits Time Index & Hong Kong Hang Seng Index today.
I mentioned that Dow Jones is now in a consolidation phase. I also came across a video that is looking at the S&P 500 market. I have not reviewed and posted anything on S&P500 so far. Therefore, I think this S&P 500 video will be very helpful to give you some insight about the S&P500 market.
If I am looking at the Dow Jones chart now, I am seeing the Dow Jones in now trading in a rectangular consolidation stage. The uptrend is still not broken yet so far, and therefore the bull run still remains intact.
However, there is some bearish sign appearing on the weekly. Let’s take a look now!
Riding winners as long as you can, as long as the trend is either up or down, is the goal of trend followers. That’s how the big money is made. The big money is not made buying and holding.
Here’s another video from Michael Covel.
This is a trend following trading introduction from Michael Covel. Covel is the author of the books “Trend Following” and “The Complete TurtleTrader”.
Let’s watch the video now!
