Stocks

Party Like It’s 1964 – Part 4

It’s been almost three weeks since I last spoke about the DOW.  In

Party Like It’s 1964 – Part 3

I talked about the Fed Powell leaving interest rates unchanged and for the first time since 2007, the three month bill vs. the 10 year note inverted.  I talked about the thought of the fundamentals finally catching up with the technicals and how the daily demand at 24900 was still in play, despite the potential triple top.  In this case, the triple top was being supported by the daily supply at 26550 which was within a monthly supply, so the chart suggested price reversing at that level as indicated by the orange arrows.

On Monday, factory orders in the U.S. fell in February for the fourth time in five months.  These are things like autos, airplanes, appliances, computers clothes, paper, etc.

On Tuesday, International Monetary Fund warned Tuesday, announced it cut its growth forecast for 2019 to 3.3%, down from 3.5% in January’s edition of the World Economic Outlook. 

As a result, price hit the daily supply at 26550 and has dropped over 200 points thus far.

Although I tried to short the DOW futures on Monday, price never pulled back for me to short the Market.

So now I wait because price is in the middle of the two immediate levels on the 4 hr chart I’m watching to get a clues of where price is heading over the next several trading days. 

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

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