DJIA dominated by bulls lifting the market higher throughout the day

Dow Jones Industrial Average Index (DJIA) Technical Analysis Report for Jul 11, 2019 | by Techniquant Editorial Team


DJIA rallies 0.85% closing $227.88 higher
DJIA rises to highest close ever
DJIA dominated by bulls lifting the market higher throughout the day
DJIA closes higher for the 2nd day in a row
DJIA pushes through Wednesday's high


Moving higher for the 2nd day in a row, DJIA finished Thursday at 27088.08 surging $227.88 (0.85%). This is the biggest single-day gain in over three weeks. Today's close at 27088.08 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 26983.45, the market confirmed its breakout through the previous session high after trading up to $105.00 above it intraday.

Daily Candlestick Chart (DJIA as at Jul 11, 2019):

Daily technical analysis candlestick chart for Dow Jones Industrial Average Index (DJIA) as at Jul 11, 2019

Thursday's trading range has been $172.13 (0.64%), that's slightly above the last trading month's daily average range of $170.29. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for DJIA.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on July 3rd, DJIA actually lost -0.16% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Its common bullish interpretation has been confirmed for Dow Indu.. Out of 348 times, DJIA closed higher 60.34% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 62.36% with an average market move of 0.29%.

With three of the other Major World Indices closing higher and three closing lower today, the winners of the day are HSI surging 0.81% and NKY gaining 0.51%. On the flipside the worst performers have been DAX closing -0.33% lower and FTSE losing -0.28%. Read more

Market Conditions for DJIA as at Jul 11, 2019

Loading Market Conditions for DJIA (Dow Jones Industrial Average Index)...
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