The DJT closed at a new closing high today while the DJI only made up a small amount of its recent loss. Similarly for the SP500, it also is struggling to move toward the 1200 level.
The DJI and the SP500 index are showing signs of weakness. But the market is still locked in a game of cat and mouse. The bears have been burned numerous times recently by the dip buyers, and the bulls have been beaten back whenever the DJI appears to get close to the 11,000 level. These market actions have made it very frustrating and agonizing for the bulls and the bears. Having the DJT closed at another new high without the confirmation from DJI lend further signs that this cat and mouse game will continue until a new non-confirmed high from the DJI is made. Until DJI breached a major milestone, such as DJI break above 11,000, the least resistance for the DJI is up. Near term support for DJI is 10,800, and 1175/1160 for the SP500. Upside for the DJI is 11,000 and 1200 for SP500.
Here are the charts for DJI, DJT and SP500.
DJI:
DJT:
SP500:
