Dow Intraday charts 08/Mar - 12/Mar

[anmolway]

Same here mombasa, Trin and vxo look too weak for a rise.

Then again, NDX seems to be reluctant to go any further down?

 

[tradesmart]

375 here we come......?!

 

[anmolway]

We have also got weekly support at 367ish?

Probably means nothing

 

[tradesmart]

Right on the nail Anmol! - feeling very bearish now...!....tempted to say 250 here we come (soon) however the revised lower line might offer some support short term....?

 

[anmolway]

Hey 367 came good, maybe I should pay more attention to these weekly support levels?

Shame I didn't exit it there. Still in a short yet, because rsi rise seems weak?

 

[anmolway]

TS, there is a good trader on Tactical Trader website who usues volume analysis to predict price movements. He has been targeting the 380 level for some time now.

Just a few minutes ago he has also mentioned the 250 target.

 

[tradesmart]

There's no serious buying on the dips so far; they're letting this market go lower before any big bounce imho.......

 

[anmolway]

IS this another triangle being formed?

Descending again

 

[tradesmart]

I'm seeing a bull flag.....opportunist long 370........stop loss engaged just in case......

 

[anmolway]

I think you may be right TS. There definetely seems to be good support here. ES just made double bottom slighlty above S2 pivot point and Nasdaq made a higher low.

 

[anmolway]

Seems like nothing is getting in the way of another Very bearish day.

 

[tradesmart]

Ah well, that bull flag turned bearish.....! should have stayed short....!

pulled for minimal damage.......sellers rool ok......?

ps - you were right Anmol - that turned into yet another decending triangle.......

edit - what a way to celebrate the rally's birthday - 170 points down with 25 mins to go - it's just like the good old days.......!

 

[anmolway]

Guys we are running out of support areas, only one I can seem to find is the .618 retracement from the highs og 750ish to the october low. 10275ish

 

[mombasa]

Good grief chaps - what happened there ?

Wish I had held onto my short from the first ND very early in the day - but closed for a miserable few points 'cos was too busy to monitor closely - didn't even go short on that triangle bo that we mentioned earlier

Go to start trusting the TA again !

TS - don't think the channels we've been trusting up till now are in vogue right now - whaddaya reckon CM?

edit - anyone remember me mentioning the daily chart and 50EMA a few weeks back when we were at 10,700 - at the time I reckoned we were due to pull down towards it and maybe breach.

Wish I'd had faith in myself and gone for a long hold short !

sigh !

 

[tradesmart]

Mom, you called it for sure......!

Support seems to count for nothing on days like this - almost a falling knife......(narrowly avoided getting cut...... )

Revised downtrend lines yet again..........! (possibly not worth a proverbial carrot, the way we're going......)

And that big, BIG H & S really did mean business.......any suggestions where the target could have been calculated from days ago...?!

I'm sure CM will let us know.....

 

[mombasa]

This is not pretty for the bulls.

Daily with 50EMA

 

[frugi]

Rough guess at H&S target....

ES may have found support at the Jan/Feb lows / double bottom. I don't like the close below the 50 EMA though. Next major sup at 1110 as far as I can see. Cripes.

 

[mombasa]

But the daily with 100 EMA gives a little hope ....

 

[mombasa]

Frugi,

eek, just saw that triangle on the 60 min too - all so obvious now.

 

[mombasa]

descending tiangle in hindsight