State of Dow Jones - Calendar Week 42 2021

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Hi folks! Welcome to another part of the blog post series State of Dow Jones for Calendar Week 42 2021 Part three already. This week has been incredible for those that invested into the Dow Jones. But how healthy is the current price development and what's the outlook?   Technical Chart for Dow Jones Every "State of Dow Jones" blog post should start with the technical chart, so here we go (created on tradingview.com):   The Dow Jones managed to trade above its SMA 20 and also overcame the turquoise trendline / flag which happened to be at the 35 000 resistance level, which became a support shortly afterwards. The index only knew one direction during this week - upwards. The current price movement stopped a few points above the old all-time high and within the upper Envelope band. On the daily time frame, the index now looks slightly overheated. For now, the old all-time high around 35 631 holds, but it wouldn't be a big surprise if there was a small pull-back before t
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Dow Jones latest market breadth

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Latest Dow Jones Market Breadth Data

 

Dow Jones market breadth chart by https://www.advance-decline.net


I've added some new tools that allow me to view more historical market breadth data for Dow Jones. I can now look back from April 2020 until today and this helps me to understand how the Dow Jones is doing today.

Similar to the graphics I use with the state of DAX, I will generate this market breadth dashboard only when writing blog posts. I've not automated everything yet, so there can't be automated uploads to the website.

The McClellan Oscillator for Dow Jones is below the zero line, but advancing. This doesn't look that bad.

The McClellan Summation Index for Dow Jones declined, and compared to its high from May 2021, it's a huge decline (from ~ 48 to ~ 4,6). This is bearish.

Some words on the technical situation: At the moment the Envelopes are not touched, so the index is not oversold. The index is trading below the SMA 20, though, and the RSI is still below 50. The SMA200 seems to act as a support for now.


New: Percentage of Dow Jones members above their SMAs

 

Dow Jones market breadth chart by https://www.advance-decline.net

 

I am happy to announce that from now on, I will be able to supply you with the following data:

  • What is the percentage of Dow Jones members/components trading above their SMA50?
  • What is the percentage of Dow Jones members/components trading above their SMA100?
  • What is the percentage of Dow Jones members/components trading above their SMA200?

I believe that this data helps to determine the health state of the Dow Jones.

At the moment, 33% of the Dow Jones members trade above their SMA50, 40% trade above their SMA100 and 60% of the Dow Jones members trade above their SMA 200.

As shown in the chart above, those numbers have been declining since mid April 2021. Today's numbers are almost comparable to what we've seen during the huge dip in Nov 2020.

According to this data, the Dow Jones is weak, but at least it looks like a bottom was found for SMA data (for now). This lets me hope that the Dow Jones will recover soon.

 

 

 

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