when DJI is below 21-day ma is generally bullish,
but by no means all the time. There were 29 earlier
cases going back to 1965. 12 brought rallies.
8 brought declines. In 9 instances the DJI went
sidewise for 10 weeks.
What happened in 10 weeks?
Rally (12)
Jan 2017
July 2009
Jan 2006
Dec 2005
July 2000 (afterwards, a decline)
Dec 1995
Aug 1995
Oct 1993
Mar 1993
Jan 1993
Nov 1992
May 1968
Decline (8)
May 2011
July 2004
Sept 2002 (immediately down sharply - then sidewise.)
April 2002
August 2001
Sept 1997
Nov 1991 (immediately down and then back up.
July 1977
Sidewise (9)
Sept 2016
April 2016 (but then down sharply)
June 2014 (but then down sharply)
July 2005
April 1996
Aug 1991
Sept 1981
July 1976
Sept 1970 (sidewise but the up)
