Well I guess a 12 point move is mathematically a "move to the upside" but not quite what I had in mind. ![Frown :( :(](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
All in all an excellent day for the Bears.Apart from the micro rally at the open, the rest of the day was spent under the 100MA on the 1 min chart with not th slightest whiff of any reversal, save a pathetic 25 point reversal around tea time to 9985. In the same way that when the DOW is strong, low values of RSI and CCI can't drag the price down ( last week), today showed the opposite whereby strength ( rsi 70 cci 100 ) could only move the index up 25 points. Taking the pullback at 9860 / 9870 as being a halfway indicator, that leaves us looking at a target tomorrow of 9780 and probably more than that. The one plus point is the clear 3 slope change on the 1 min chart that may signal upside tomorrow...We'll see.
100MA: 9969. Support: 9750, 9600....Resistance: 9834,9864,9932,9950.
All in all an excellent day for the Bears.Apart from the micro rally at the open, the rest of the day was spent under the 100MA on the 1 min chart with not th slightest whiff of any reversal, save a pathetic 25 point reversal around tea time to 9985. In the same way that when the DOW is strong, low values of RSI and CCI can't drag the price down ( last week), today showed the opposite whereby strength ( rsi 70 cci 100 ) could only move the index up 25 points. Taking the pullback at 9860 / 9870 as being a halfway indicator, that leaves us looking at a target tomorrow of 9780 and probably more than that. The one plus point is the clear 3 slope change on the 1 min chart that may signal upside tomorrow...We'll see.
100MA: 9969. Support: 9750, 9600....Resistance: 9834,9864,9932,9950.