DJIA neutral

US stock market anomalies in August confirmed! What now?

18 August 2022 372
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The turn-of-the-month effect and the half-of-the-month effect were confirmed in the second half of August. The confirmation came with the significant increase of the DJIA by 3.4% and 3.1% respectively.

At the same time, the index has come close to the 61.8% Fibonacci retracement level, a little below which a reversal Harami pattern has formed.

Despite the lack of an obvious usefulness of Harami in forecasting of price movements, if the model is confirmed today by closing at a level below 33800, the DJIA might go down to the level at 22250.

This content is for informational purposes only and is not intended to be investing advice.

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