Still showing weakness in CCI and RSI strength so nothing to look forward to in the way of upside.Even the 3 lower highs really do nothing in the way of instilling confidence to the upside.Knowing and appreciating just how fickle the markets are at the moment, I guess "expect the unexpected" would be appropriate.Take a look at the expanding triangle in the price....Good trading early on, and towards the close, but major whipsaws mid day.
Still the steady drift downwards.7800 has turned from support to resistance so that's our key point for tomorrow.There's signs on this trying to turn around by way of positive divergence in the longer time frame, but I'm sure market sentiment wants to drive this thing down to 7400. The late inverse H&S almost delivered a turnaround, but in the end failed ending in yet another lower low. At least the channel has some decent width- 100 points or so, offering the opportunity for some decent trades. At this rate, we'll be at 7400 before Friday.
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Looks like 7400 is on hold for now... A great day for trading, for a change. 130 points down, 230 points up and not a whipsaw in sight..... well just a bit. How sweet it is to see a real ND top again.Strange that it was followed by a double H&S. Hope that's not a bad omen.
As I said in the other report, the closing action could develop into a nice bull flag. Key point for tomorrow will be 7867/7900 and then 8000 for the move to continue.The loss of 7800 will kill the move.
As I said in the other report, the closing action could develop into a nice bull flag. Key point for tomorrow will be 7867/7900 and then 8000 for the move to continue.The loss of 7800 will kill the move.Attachments
Another good day with the action clearly either side of the 100 MA with minimum whipsaws. The bull flag noted yesterday delivered the goods and 8000 ended up being tested twice. Looks like RSI making higher highs could sustain this move to above 8K....Strong end to the day, ending very close to HOD and RSI delivering 2 points per unit move in RSI.
Next week will see a new look in the DOW charts......
Next week will see a new look in the DOW charts......
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A disapointing end to the week. After a strong close yesterday, things looked good, but the sting in the tail became a reality. The total slide down to 7700 was only a remote possiblity, but happened. An easy ride for everyone, straight down the 100MA without even so much as a pause.
You will see I have switched from AIQ to Sierra charts. This is no reflection on the quality or functionality of AIQ. I just fancy a change and some of the extras offered by Sierra, one of which is the "full" charts of ES, the other is price.
You will see I have switched from AIQ to Sierra charts. This is no reflection on the quality or functionality of AIQ. I just fancy a change and some of the extras offered by Sierra, one of which is the "full" charts of ES, the other is price.
