Dow Jones Weekly Support/Resistance Levels
Don't get FOMO based on the election rally as that is what it was intended to do. All of 2024 has been building ramped volume for a stop hunt back to 39,000.
Real support is at 38,000-39,000. I don't know how long it will take to get back down there as the market is still in the up phase and the top hasn't formed yet.
A major clue for me is that the biggest candle of the entire year just so happens to be at the all time highs. This is a signal for an exhaustion candle. This is not a sign for an igniting candle.
An exhaustion candle is designed to get people to chase higher due to FOMO. Once everyone that is a buyer is in, the market starts to tumble.
Real support is at 38,000-39,000. I don't know how long it will take to get back down there as the market is still in the up phase and the top hasn't formed yet.
A major clue for me is that the biggest candle of the entire year just so happens to be at the all time highs. This is a signal for an exhaustion candle. This is not a sign for an igniting candle.
An exhaustion candle is designed to get people to chase higher due to FOMO. Once everyone that is a buyer is in, the market starts to tumble.
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