top of page

Technical Review of Dow Jones Industrial Average (INDU)

INDU – The Nov 2022 downtrend breakout of its Jan 2022 primary downtrend during early Nov 2022 coupled with a golden cross buy signal during mid-Dec 2022 hints at an intermediate-term trend reveal.

A successful test of initial support near 32,368-32,541 (the extension of the downtrend breakout and 200-day ma) reinforces an intermediate-term trend reversal.

Also, for the past 8 months, a potential head/shoulders bottom has developed. A breakout above neckline resistance at 34,118-34,712 (Jun, Aug, Dec 2022 and the Jan 2023 highs) suggests 6,051 points or a retest of the 1/5/22 all-time high (36,952.65) and above this 40,763.62 (h/s bottom breakout projection).

Initial support remains 32,273-32,582 (Feb/Dec 2022 lows, 200-day ma, 9/12/22 high, and the extension of Jan 2022 downtrend). Below this warns of a decline to secondary support at 31,727 (11/13/22 low), 30,636 (May 2022 low), 29,653 (Jun 2022 low), and 28,660.94 (10/13/22 reaction low and the head).

RRG study shows improvements with 21 INDU stocks in the Leading/Improving quadrants. 9 INDU stocks are in the Weakening/Lagging quadrants.

To view the entire report, go to the Reports tab on the website or click the following:

39 views0 comments

Recent Posts

See All

Closing of the Newsletter

Dear clients, After four rewarding years, the time has come for me to close the Lee Technical Strategy Newsletter, effective today. I want to take this opportunity to let you know what a great honor a

Technical Review of the Top 25 NDX 100 Index Stocks

NASDAQ 100 Index (NDX) – NDX is a modified market capitalization-weighted index comprising 100 of the largest non-financial companies on the NASDAQ Composite Index (COMPQ). NDX is heavily weighted tow


bottom of page