Chart of the Day – Dow Jones Industrial Average DJI – (September 6th, 2023)

An “Ascending Wedge” is ultimately a bearish reversal pattern, but that doesn’t mean that today is the day it breaks. We are at support, and relative strength RSI is pointing lower, but the index may find support ahead of the CPI inflation data next week. The level to be watching is the resistance at the 35053 level, which is the 61.8% retracement that held the bounce a couple weeks back. And a decisive break of The August 25th low at 34025 would suggest a bearish breakdown for the index back below the 200dma.

Blake Morrow

Our “Chart of the Day” feature highlights standout technical analysis patterns and price moves. This type of analysis could be helpful if you are interested in our Trader Funding Program where you can also join an elite group of traders at Forex Analytix, click here to learn more. Trade our money, take 75% of the gains and none of the risk.