Dow Impulsive Selling for 6th Straight Day | Aug 21st
US Dow Index – Amazing 6 Day Bear Run
The Dow is now down almost 600 points in the last 6 days and continued the bearish impulsive selling we wrote about in our weekly commentary. In the last 3 years, there have only been four 6 day bear runs, with one of those times running for 8 straight bear closes. The next major key level coming up is just below at 14800 which was the July low this year that sparked the latest rally. Below this, there is not much support below till 14545 so a lot more downside available.
I’m not totally excited about chasing this market and trading breakouts at the moment considering there has only been 1 run in the last 3 years that went past 6 days. So I’ll look to sell any rallies towards 14950/75 area or further up around 15115 are good locations to sell to rejoin the downtrend. Besides the 14545 major support below, then 14030 comes up next which is over 800+ points lower.
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