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Tuesday, May 28, 2019
US Market Outlook as at May 24, 2019
DJIA has made a temporary top and turned mildly bearish based on the following:
1) 20-day SMA line has crossed below the 50-day SMA line,
2) MACD has gone below the zero line, and
3) -DMI is above the +DMI coupled with ADX above the 20-mark.
Chart 1: DJIA's daily chart as at May 24, 2019 (Source: Stockcharts.com)
Nasdaq & S&P500 indices are also turning bearish though their 20-day SMA lines have yet to cut below the 50-day SMA lines.
Chart 2: Nasdaq's daily chart as at May 24, 2019 (Source: Stockcharts.com)
Chart 3: S&P500's daily chart as at May 24, 2019 (Source: Stockcharts.com)