DJ30 may have reached the peak of the trading week already forming a third lower high local swing area ready for a price correction.

Unfortunately, my July 29’s long trade plan has exited in another loss after my stop level was caught first before the rally this week with a holding time of 3 days and 8 hours:

https://www.finlogix.com/analysis/20240729/dj30-intraday-analysis-and-trading-plan-for-july-29-2024

An updated overall record of 5 wins and 6 losses.

There are no further high impact data releases in the US this Friday.

The indices market in general including the DJ30 index is enjoying a 3-day green streak but seems peaking off already in the coming weekend.

Re-assessing DJ30’s high timeframe candles:

Yearly Candle: Still a Green Spinning Top since last check

Monthly Candle: Previous close is a Green Body with a Longer Head Wick current is a Red Long Lower Shadow with a Small Body

Weekly Candle: Previous close is a Red Semi Dragonfly Doji current is a Green Body with a Longer Tail Wick

Daily Candle: Previous close is a Green Body with a Slightly Longer Head Wick current is a Red Long Lower Shadow

All I can see is a price exhaustion on the side of the buyers this August.

In contrast, both the daily and 4H charts have bullish FVGs that can act as intermediate support levels upon the confirmation of a price correction.

I will be referencing August 1’s swing high to August 5’s swing low as today’s retracement points of view.

This retracement depicts a previous completed down wave which helped in creating the recent up wave forming a lower high.

If this lower high is DJ30’s new catalyst to seek down the sell side liquidity levels underneath as low as the start of the up wave, then August candle could end in a Doji pattern to suffice the monthly supply and demand levels.

I cannot see any reason for a new move higher to break the previous high record after the uptick in US Core Retail Sales and Retail Sales month-over-month figures as well as the lower the forecasted Unemployment Claims.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

All trade ideas I share are my own views and for my own trades only.

DJ30 Intraday Analysis and Trading Plan for August 16, 2024

Aug 16 2024

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