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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.59%, while traders in France 40 are at opposite extremes with 71.33%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/oL7THFSaKd
  • US Dollar is fairly mixed across the board of major currency pairs headed into month-end. The DXY Index is little changed on the session as recent selling pressure starts to subside. Get your market update from @RichDvorakFX here:https://t.co/tulCJzZTSF https://t.co/SiicLO9jn3
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  • The Dollar is up after the core June PCE accelerated further to a 3.5% clip (highest since 1991), but US 10-Year yield is down 4 bps to 1.2290 and implied rate hikes through Dec 2022 has dropped 1.5bps from yesterday to 14bp (56% prob of hike) https://t.co/5Y0BWlPBUx
  • It's time to look at the monthly candles on charts and check in on the Dollar and Amazon. DailyFX's @JohnKicklighter covers the markets 👇 https://t.co/43BSSq9XIg
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: -0.09% 🇨🇦CAD: -0.11% 🇪🇺EUR: -0.24% 🇬🇧GBP: -0.32% 🇳🇿NZD: -0.39% 🇦🇺AUD: -0.62% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/mkiFzOzRQE
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: France 40: -0.18% Wall Street: -0.26% Germany 30: -0.32% US 500: -0.41% FTSE 100: -0.54% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/6oyofVNacT
Dow Jones Industrial Average Tries for New All-Time Highs

Dow Jones Industrial Average Tries for New All-Time Highs

Jeremy Wagner, CEWA-M, Head of Education

Dow Jones Industrial Average (DJIA) has recovered well from the losses stemming from May 17. With DJIA printing above 21,078 late last week, it alters the pattern we were following some. Previously, we were looking for a small dip in price to offer a buying opportunity towards new highs. As we see below, the door is now opened for a slightly larger dip back towards 20,440.

From an Elliott Wave perspective, we have the current wave higher labeled as wave (b). This Elliott Wave model allows for the current wave to continue higher up to 21,471, though it doesn’t have to. Therefore, between now and around 21,471, DJIA is at risk of finishing this shorter term uptrend in favor of a sell off back towards 20,440.

Dow Jones Elliott Wave Labeling - Daily Chart

For those familiar with Elliott Wave, you can see by the wave labeling of (a)-(b)-(c) that we are in the midst of a corrective sequence. Though prices may eventually sell off towards 20,440, when the corrective sequence ends we are anticipating a new wave to new highs.

The sentiment picture for DJIA is aligned towards a near term sell off. As my colleague notes, Dow Jones may be flashing a sell signal by the simple analysis of live trader sentiment. Review and learn how to trade with sentiment with our IG client sentiment guide.

Interested in learning to trade with Elliott Wave? Get started with the beginner and advanced Elliott Wave guide.

---Written by Jeremy Wagner, CEWA-M

Discuss this market with Jeremy in Monday’s US Opening Bell webinar.

Follow on twitter @JWagnerFXTrader .

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

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