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Daily Stock Market Analysis June 6 2017

The major indexes are currently consolidating. This is healthy especially after a nice bull run. As long as Dow Jones stays above the 21000 area, the bull market will continue. Once the old highs in the Dow Jones has been overcome, they will now act as strong support which will keep the stock market from having a drastic fall. There is ample support in the 21080 area and the 21000 area is also a very strong support. Some sideways movement is beneficial to the Dow and the other indexes.

Currently I do not see any big weaknesses in the indexes that would warrant us to be careful of a big fall. The market is healthy and any sideways movement or correction is welcomed as long as the support below holds. Let us take a look at some charts below to aid us in our analysis.

Charts with the Freestockcharts.com label are courtesy of Freestockcharts.com

Charts with the investing.com logo are courtesy of Investing.com powered by Trading View

Here is a summary of what the charts above are telling us:

  • Short term wise, the major indexes are quite overbought and some sideways consolidation are good and healthy for them to take a rest before shooting up higher
  • The important index to look at now is the Dow which has lots of support below. Any corrections will at least have ample support below to keep it from having a quick crash.
  • In the longer term, all 3 indexes are healthy and have broken out into a new frontier. All 3 have broken out of a battle box which the bulls have won.
  • Oil is a bit oversold in the daily charts. We want to look for any slowing momentum to the downside and see if there is any reversal.
  • The KLSE index have broken out of a battle box with the bulls winning the battle. As the index moves higher, the box now will act as another layer of support.
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