Dow Jones broke 20d MA resistance last friday, unfortunately, it did not continue the momemtum to ride higher. Instead, S&P500 was resisted nicely on the 20d MA. So, I strongly believe that the market is going into the side way as both Dow Jones & S&P500 are losing steam as the volume is decreasing.
Any other signs of sideway besides using moving average or MA?
Well, let’s take a look at the ADX, it is nwo turning downwards, that suggests that the previous major down trend is coming to a pause and it further suggests that the overall market can move sideway for the time being.
As I am writing this post, the market is waiting to open lower today due to some concerns of weaker corporate result.
DISCLAIMER: This information is used for learning purposes only. It does not constitute an offer or solicitation to buy or sell. You should do your own analysis on top of my postings.
