{"id":5172,"date":"2023-10-31T22:12:26","date_gmt":"2023-10-31T22:12:26","guid":{"rendered":"https:\/\/connectwithfund.com\/investment\/3-months-of-down-with-major-stocks-breaking-support\/"},"modified":"2023-10-31T22:12:28","modified_gmt":"2023-10-31T22:12:28","slug":"3-months-of-down-with-major-stocks-breaking-support","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=5172","title":{"rendered":"3 Months Of Down With Major Stocks Breaking Support"},"content":{"rendered":"
\n

October is joining September and August for months this year that the Dow Jones Industrial Average made the journey from high at the beginning to lower prices by month\u2019s end.<\/p>\n

The closely watched measure of the really big stocks in the market rallied from time to time but never enough to erase the amount of loss that showed up on the days of selling.<\/p>\n

Although economic reports showed strength \u2014 gross domestic product increased 4.9% in the 3rd quarter \u2014 investors seemed to be looking at interest rates rises as the disturbing factor mitigating anything else. With Treasury bond yields topping 5%, the dumping of Dow stocks kept picking up speed through October.<\/p>\n

These price charts show the down trend problem for 4 of the largest components as measured by market capitalization.<\/p>\n

Apple
\n AAPL
\n <\/fbs-ticker>, Caterpillar
\n CAT
\n <\/fbs-ticker>, Chevron
\n CVX
\n <\/fbs-ticker>, J. P. Morgan: A Price Chart Analysis.<\/h2>\n

The daily price chart for Apple looks like this:<\/p>\n

<\/fbs-ad><\/p>\n

The largest of the Dow components, with a market capitalization of $2.669 trillion, the stock in late October broke below the September low of $167.50 and then bounced. Despite the slight recovery, it remains below the 200-day moving average (the red line) and the 50-day moving average (the blue line).<\/p>\n

The red dot-and-dash line connecting the late July high with the early September high demonstrates the general angle of descent for the last 3 months.<\/p>\n

Caterpillar, with a market cap of $116.71 billion, has this kind of daily price chart:<\/p>\n

You can see the early August high of just above $290 and the current price of $226.05, a 3-month drop from the peak to the present of 22%.<\/p>\n

The October 31st gap down takes it below the mid-June dip and the selling comes on heavy volume. The 50-day moving average is now trending downward and the 200-day moving average appears to have turned that way as well.<\/p>\n

Here\u2019s the Chevron daily price chart:<\/p>\n

The sellers of this giant oil company \u2014 market cap is $277.91 billion \u2014 were serious about getting out. The stock gapped down late in October, dropped below the March support level and stayed there.<\/p>\n

It\u2019s well below the 50-day and the 200-day moving average, both of which are down trending.<\/p>\n

J. P. Morgan is a Dow component with a market capitalization of $401.93 billion. The big bank\u2019s daily price chart is here:<\/p>\n

Here\u2019s another instance of one of the big ones peaking in late July and which then is unable to sustain a rally to even close to that level again.<\/p>\n

The concern here is that the stock has now closed below its 200-day moving average for 3 straight late October sessions. The 50-day moving average has turned over and now heads down.<\/p>\n

For the Dow Jones Industrial Average to move higher, the above majors will need to turn around and get going again.<\/p>\n

Here\u2019s the daily price chart for the Dow:<\/p>\n

I\u2019m no longer on Twitter \u2014 I\u2019ve moved to Threads. net.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

October is joining September and August for months this year that the Dow Jones Industrial Average made the journey from high at the beginning to lower prices by month\u2019s end. The closely watched measure of the really big stocks in the market rallied from time to time but never enough to erase the amount of loss that showed up on the days of selling. Although economic reports showed strength \u2014 gross domestic product increased 4.9% in the 3rd quarter \u2014 investors seemed to be looking at interest rates rises as the disturbing factor mitigating anything else. With Treasury bond yields<\/p>\n","protected":false},"author":1,"featured_media":5173,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40],"tags":[],"class_list":["post-5172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment"],"yoast_head":"\n3 Months Of Down With Major Stocks Breaking Support | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"October is joining September and August for months this year that the Dow Jones Industrial Average made the journey from high at the beginning to lower\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/connectwithfund.com\/?p=5172\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3 Months 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