News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • RT @KyleR_IG: Reasonably punchy move in $amzn shares in post market trade.
  • 🇳🇿 Building Permits MoM (JUN) Actual: 3.8% Previous: -2.4%
  • Heads Up:🇳🇿 Building Permits MoM (JUN) due at 22:45 GMT (15min) Previous: -2.8%
  • Bitcoin Price to Boost Coinbase as Robinhood IPO Flops $BTCUSD has propelled higher this week. With crypto outlook sanguine again, $COIN has potential to outperform $HOOD following its weak trading debut. Link to Analysis -
  • Robinhood given an enterprise value of $32 billion after shares priced at $38. Get your market update here:
  • 🇰🇷 Business Confidence (JUL) Actual: 97 Previous: 98
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.87% 🇨🇦CAD: 0.63% 🇨🇭CHF: 0.43% 🇯🇵JPY: 0.39% 🇪🇺EUR: 0.37% 🇦🇺AUD: 0.27% View the performance of all markets via
  • Robinhood closes its first session as a publicly listed company down just over 8% $HOOD
  • Heads Up:🇰🇷 Business Confidence (JUL) due at 21:00 GMT (15min) Previous: 98
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 2.33% Gold: 1.17% Oil - US Crude: -0.33% View the performance of all markets via
Dow Jones Forecast: "Triple Top" Warns of Pullback as Momentum Fades

Dow Jones Forecast: "Triple Top" Warns of Pullback as Momentum Fades

Margaret Yang, CFA, Strategist

Dow Jones index Technical Forecast: Bearish

  • The Dow Jones saw a “Triple Top” pattern forming on the daily chart
  • This may be a warning sign of a deeper pullback if prices breach pattern support
  • Bearish MACD divergence hints at weakening momentum

Chart by TradingView

The Dow Jones Industrial Average pulled back from record highs towards the weekend. The benchmark failed to breach a key resistance level at 34,920 for a third try, leading to the formation of a “Triple Top” chart patten (chart above).

A “Triple Top” pattern is a strong bearish trend-reversal indicator that usually occurs at the peak of an uptrend. It is formed by three adjacent peaks in the same price area, with small pullbacks in between. The area of the peaks may be viewed as strong resistance, as the underlying asset is not able to attract enough buyers above the level. For the Dow Jones, 34,820- 34,920 may serve as a strong resistance zone where the peak area was found.

The lows of the pullbacks form a trendline, which may be viewed as immediatesupport. A “Triple Top” pattern is completed when prices breach below the trendline. For the Dow Jones, the previous swing low at 33,320 may be viewed as an immediate support level, ahead of challenging the trend’s bounds.

The index was trending higher within an “Ascending Channel” formed since November. It is testing the floor of this channel, breaking which may set the stage for further losses.

Bearish MACD divergence also suggests that upward momentum may be faltering, rendering the index vulnerable to a deeper correction if selling pressure builds.

--- Written by Margaret Yang, Strategist for

To contact Margaret, use the Comments section below or @margaretyjy on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.