Dow 2009

[Slapshot]

Haven't traded this week, so just a quick view of the daily futures:

We've crept above the long term down channel, interestingly the wide spread bar on the 29th pushed us through but on volume less than the previous 6 days closing off the highs, the 30th took us up to 8250 and bounced straight back down again closing 1 pt higher than the previous days close.

Yesterday we came back down to 8047 and rallied to close on the highs with an increase in the volume.

A new upward channel in has formed albeit quite a narrow. Price has attempted to push through the old highs of late jan early feb, interestingly the high of 6/02 & 9/02 was 8280, the high on 29/4 was 3 pips away at 8277. See also my post 632.

I'm glad I'm not an EOD trader because there are a lot of weak bars in the immediate background but the market continues to climb. I would expect the 8280-8500 area to be attempted again soon with support around 7900.

Have a good weekend and happy trading.

 

[hasanalali]

in 4 may i think wich going to move the DJI in fundamentally is Construction Spending & Pending Home Sales if bearish continue we will see7950 again

 

[hasanalali]

technically

 

[hasanalali]

and of course the earnings announcements in this week :clap:

Briefing.com: Earnings Calendar

 

[hasanalali]

in weekly chart :smart:

 

[stefan10]

no one posting on here for some time, nice to hear the experienced traders views on the dow

 

[KUTERO]

 

[madoff]

H&S pattern on DOW

Is this a potential H&S set-up on DOW?

 

[N Rothschild]

yes, but that doesn't mean it will trigger or that the market will head lower (unless it is triggered)

 

[stefan10]

Yes , SHORT SHORT SHORT dow 8415 short stop loss 8440

 

[vinicius]

I`m short at the exactly same level, but why did you put the stop at 8440?

 

[stefan10]

I`m short at the exactly same level, but why did you put the stop at 8440?

i feel if it hits around 8450 again then its going to carry on and test 8500, if it does go to test 8500 then i would look to short again at about 8490.

just my humble opinion

 

[N Rothschild]

i think your stop will be taken out before it surrenders

 

[stefan10]

i think your stop will be taken out before it surrenders

u could be right, i may have gone in too early thinking the same thing what happend after 9pm will happend and again, made 40 points on sell after hours on dow, maybe this time the stop might get taken out

 

[vinicius]

I think we are in a good short.. Just dont marry with the thing.. A bit dangerous..

 

[Slapshot]

Futures so far today:

Down 99 points on last nights close (8384)
Up 69 points on last nights close at present.

FTSE & DAX so far today have a range of 114 points.

Volatility city folks, happy days.

 

[KUTERO]

 

[stefan10]

im short again at 4515.... anyone else put on a trade for a short or long?

 

[sullystocks]

Short 8516

 

[Slapshot]

Stefan10, sullystocks,

Why are you trading against the trend?

The market is making higher highs and higher lows.