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DOW JONES: 23-10-2017

DOW JONES: 23-10-2017
October 23
14:17 2017

DOW JONES OUTLOOK

Now let us examine the Dow Jones, the Monthly RSI (relative strength index) Weekly RSI and Daily RSI are 84.07,81 and 88 respectively.  It clearly indicates imminent technical correction, which could bring down Dow Jones towards 23000 or more.  Like Dow; NASDAQ and S&P 500 are also in the overbought zone with RSI above 70.  So it is prudent to reduce long positions in our market.   The rally in US is partly because of strong quarterly earnings and higher job opportunities in US.  Since the Presidential Election Dow Jones rallied more than 4600 points without much downward correction.

Image Credits: “Venturelli Luca/Shutterstock.com”

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ALEX MATHEWS

ALEX MATHEWS

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