We are getting close to unleashing Socrates. The hold up has been in the delivery rather than in the analysis. We have had some problem with pushing the results up to the cloud, which we hope to solve. The Pro version wrote this as of Friday concerning the Dow Jones Industrial Index. Note that while we are making new highs, we are losing momentum and breaching the bottom of the Breakout Channel. The support has been rising sharply so caution is now warranted. Note also beware the week of 07/24.
ANALYSIS UPDATED AS OF THE CLOSE OF Fri.
Jul. 14, 2017: This market has been making a new historical high this
month on Fri. 14th at 2168153. Closing support on a weekly basis now
lies at 2133300. A weekly closing below this level will signal a
short-term correction is beginning. From a technical trading risk
perspective, long positions should be exited if this level is broken on a
weekly closing basis.
From the view of a position trading
perspective, the market has exceeded the previous high made back in June
at 2153503 reaching 2168153. So far we have a very dramatic event
breaking last year’s low 1545056 and exceeding last year’s high of
1998763 making and outside reversal to the upside. The technical
resistance stands at 2172761 with technical support resting at 2148041
and 2100653. Any long position should use a protective sell stop on a
monthly closing basis at 2055344. Remember this is just a trading
suggestion given it is merely a trading observation rule. Buy or sell
signals take place on Reversals and Cycles.
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