Dow Intraday charts 15 Dec - 19 Dec

[ChartMan]

that'll do nicely

 

[bgold]

Twice bouncing off resistance line of yesterdays' decline and a rally which goes largely unconfirmed by NDX & SPX!
That's surely not a strong sign.

 

[mombasa]

good point bgold - went short at the open, closed off 100 MA bounce, short again on ND and closed again for a few - now waiting to see what happens around the '64

 

[suggy]

short at 10073 atm, still minus a few points thanks to D4f stop not working on earlier trade

 

[mombasa]

looks like its stuck in a trading range at the mo - all the moves, up or down, look weak RSI wise.

or maybe a bull flag forming from yesterdays close?

 

[bgold]

Note: Albeit marginal lower high and lower low on DOW. More pronounced on YM H4 and clearly established in ES and NQ.

This is a downtrend.

For how long?

 

[mombasa]

I'm short at the treble top but wary of a possible 'W' - tight stop

 

[One Eyed Shark]

Long here from 10066 ( actually traded 10036 YM ) .

My finger is poised on the sell button ready to reverse though happy to sit tight at the moment

3 and 5 minute charts showing potential for a bullish triangle.

Target would be 10125 though needs to break very soon if it is going to happen

 

[bgold]

Well not very long!! Bloomberg radio is already talking about the Dow on its way to the highest close in 18+months!

What kinda market is this? Difficult to trade (at least for me). But change is in the air. best to worst performing indices are: DOW, SPX, $MID, NDX, $RUT&$SML That is reverse from past 9 months. Ok, I hear you say, that's because of US$ weakness but $ has been weak for a while (€$ was at 1.10 in March and August).

Yes, DOW strength can perhaps be explained by USD weakness but the weakness in the mid and small caps not?

Please share your insight? Is it time to consider positioning for a slide? Perhaps best to wait and let the market guide us?

 

[tradesmart]

Had a small short from 10080-60 earlier (small being the operative word! )

Now I see that the Naz & S&P are off their lows with PD bottoms on the 10min charts (Dow didn't follow so low due to Industrial Production numbers + rotation from techs imho)

Tradeable upside break later..... ??:!:

edit - the market had a bit of a 'two-faced' celebration of Saddams capture yesterday, but maybe this factor could be seen as meaningful for US consumer/industrial morale in the coming months, along with some very +ve economic data......maybe the market will just celebrate a bit late....?!?

I'm not a trained analyst by the way..... :cheesy:

 

[tradesmart]

Well, support at the magic '64' ish worked well again - suspicion of an inverse H&S now.....

double-top at 10135 ish anyone...........?!?

 

[ChartMan]

Vol divergence on the top on ES so that may be it for a while, and sellers starting to come in.

 

[jonnyy40]

I really enjoy this! It's like watching some exotic form of wildlife but you don't have to travel.Plus the rewards for understanding its behaviour could be life-changing.

 

[rossored]

Yep, we are all having a jolly good laugh in the chatroom.

Thanks for popping in earlier CM

 

[ChartMan]

LOL. I thought that wedge was going to fail

 

[tradesmart]

It's like watching some exotic form of wildlife

bull....? or has it just become a bear - it seems to be schizophrenic.....

 

[ChartMan]

Looking for 32 now

 

[jonnyy40]

edit:withdrawn in embarassment

 

[tradesmart]

Well, once again they 'sell the news' one day and buy it 'cheap' the next...........

But, don't question it, it makes sense to them, and is so predictable it makes for simple trading........

ND double-top anyone for a mild downtick? (but won't trade it until I see it happen)

There might be bulls about........

 

[ChartMan]

Got that wrong then.
Could it be that the slope is increasing, with support at 10,078 ish? This gives a headroom up to 250...
If not, then we're at resistance...