Dow analysis

[ChartMan]

What can I say, except that I was a mile off the mark.I guess the consumer confidence figures wern't factored in...Still we got a nice double bottom today at 9075 and 3 hits counting the one on 19/10. Maybe this will be support. If I thought yesterday was over cooked , today we got burnt to a cinder.Positive divergence shows on 1,5 and 10 min charts, I guess tomorrow has to be up, doesn't it? Can't see my earlier prediction of a re-test at 9550 now by the end of the week...but stranger things have happened.
Minor resistance at 9188 and then at the 100MA, currently 9243. Next support if we fail here is 9010 ish......
Just for the Bears, notice the ugly loking downtrend on RSI...It's there on other indicators too, but I won't bore you with those

 

[RogerM]

Thanks for continuing to post these Martin. I hope you are right about the building double bottom. But I am more concerned about the double top, which takes up most of your chart and which implies a move down to 8692, if the neckline breaks.

 

[ChartMan]

Post Script.... Yes I agree with that Roger- a very precarious situation... Also I have to admit to a grave error of Judgement on Friday's analysis. I suggested a Fib retracement to 50%....Well I have always said the dow never settles at 50%, preferring to trade between the 38 and 62% lines.I just don't know what made me even think it would find support at 50%. Must have been wishful thinking.
The 38% retrace is 8940 and the 23% is 8550 and there seems to be good support at 8950...

 

[madasafish]

I don't follow the Dow but the S&P.
My S&P analysis at end of last night suggests a BIG move Wednesday.. at least 25 points high to low..
I assume it will be up but who knows?