DJIA VIX - DJIA Fell 973 Points and Hit our Target! - 11/09/2016 (GMT)

Dow Jones Industrial Average challenged a fresh seven-month high at 18449 resistance level before the sharp sell-off until the 17476 support level. During our yesterday’s analysis, we suggested as a first scenario an upward move from 18245 until the 18405 which reached our second target. A second scenario was if the index penetrates the 18050 barrier to the downside until the 17950 level where the price plunged below it and booked our profit here as well (see technical analysis here: http://bit.ly/2fc3tLh).

From a technical point of view, the index plunged 973 points during overnight and currently is developing near the 17950 price level well below its moving averages. Technical indicators fell violently while the RSI indicator the last few hours is sloping upwards. The MACD oscillator is still moving in a bullish area below its trigger line.