Market Report 8/24/15

The market tested $DJI support at 15370 and 1830 of the SP500, closing above the lows of the day. The reason for the selling was a USD/CHF drop from 0.9920 to 0.9337, FOREX generated programs. The charts of the broader market look much worst than the political bellwether $DJI, and since daily and weekly trends in both averages are confirmed, there will be more shaking and drubbing for few days, until the currency equilibrium is reached. $DJI declining trend resistance above 17358, and supports are still 15200 and 11760. A rally up to the declining trend at the 17,000 area, then another drop to the lows will surely generate a monthly sell signal for 1st time on many months, an indication that perhaps a political and monetary changes are just around the corner.

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