Has the uptrend stopped? No. It isn’t confirmed in the first palce. There’s signs of uptrend starting. But until confirmation, it isn’t an uptrend. There’s a reverse head and shoulders patterns unfolding. If it forms correctly, then it might give an indication of an uptrend.
Looking at DOW today, the down trendline has been broken by the candle yesterday and today’s candle stopped above it. It also broke the resistance/support line that it broke yesterday and thus that line is no longer a support at 8850.
The uptrend line of the ascending triangle shown in blue is holding ok so far. If tomorrow’s candle breaks below 8640 and or the bottom blue trend line (from lows), then it might short-term go to 8160. If it holds above that line, it will have to close either in the red by few points or green.
Many of my charts are drawn each day so the lines are almost in the same place. However, the numbers might be slightly off. With the numbers being in 8000 range, it doesn’t matter for the number to be off by 50 or so points.
And the market recap.
