Dow Intraday charts 12/Jan - 16/Jan

[Hooya]

cmc broken 600. think 650 is the key still

 

[One Eyed Shark]

In the last 6 days we have seen a double test of 580 and a double test of 590 both have failed

Not only that, the trendline of the highs since Jan 2000 currently sits at 10600, providing even stronger resistance to break through.

YM futures are already pointing to an open around 600.

This market does not need a lot to push it in one direction or the other, Michigan Consumer Sentiment is out at 2.45, if we do not see the break through 600 coupled with acceptable figures we could see a drop on the same scale as the last few days.

I am not calling the market one way or the other, but I am saying that the first 30 mins today needs some very tight stops.

 

[mombasa]

me short too, but for what its worth, RSI dropping for small move in price - I think this time it'll break thru

 

[mombasa]

rather glad I was wrong Still in the short - hope u chaps r too

 

[suggy]

is this a pullback?

 

[mombasa]

closed due to dbl btm @ 64 + divergence

 

[mombasa]

W forming? When to go long ?

urgh !

 

[rustic1]

Anyone elses CMC feed gone down?

 

[Hooya]

nope mines still running...try restarting???

 

[joffliver]

rustic - mine went down earlier (20 mins ago). OK now though.

 

[mombasa]

long at 545, bounce of uptrend support I hope

 

[suggy]

have to say im still short, just doesnt have the legs to break 600

 

[mombasa]

Suggy, why r u short at channel bottom + dbl bottom etc?

 

[Hooya]

if you are in high enough channel top line break would be
a good exit as you can still bank a few points but you are giving it enough room

edit not very well drawn sorry, line moved abit on saving but
you get the idea

 

[One Eyed Shark]

Agree with you Mom.

We have found some support on 10 min channel, and we have started to print some small H/L's and H/H's which at the very least suggests a pause, or could be a return to test higher levels.

Will now remain flat until 18.30-19.00. and see where we are then.

 

[mombasa]

bo from that bull tri - i thought i'd wait for it rather than anticipate 'cos of prev failures at '64.

Still flat, 'cos there's divergence.

 

[rustic1]

Had to reinstall software well back up & running again.

It looks like the Dow just can not break 10600 (well know I have said it you watch later Guaranteed to break it)

But it does look tired with all the great reports and GE, Home Depot & Intel, Johnson being upgraded I thought it might really push it through earlier.

 

[Hooya]

not very cluded up on it but I would expect that the $ rising today
has not helped. If it we back to the low earlier in the week
we might be over 600?

 

[tradesmart]

I thought that things looked a tad bearish for the Dow, but now looking bullish again and bouncing up off a rising 100ma (it really does seem to have magic properties!!)

The targets game seems to be working so far, with the little bear flag delivering its target of 10540, so if the current bull flag setup succeeds, we might be testing 10595 later…..

Long from 10550 with a breakeven stop (no dead certs in this game! )

The Nasdaq and the S&P are steaming, and they might well drag the Dow up…..

 

[tradesmart]

Just noticed on the 10min chart, what may prove to be the most powerful defining feature - a flat topped triangle - two tests of the top line already suggesting a third might be imminent?!

Could break either way, but that top line is mega resistance..!