Where is the Dow & others heading in 2005?

[roguetrader]

Seems to be finding support in this range - 10375 to 10400.

Are the Internals still bearish ?

Market internals lifted for a short time though never into positive teritory now heading lower again

 

[karmit]

looks like it will test 10320 sooner than expected!!

 

[Minder]

If this decline develops some momentum, where are the support levels ?

I see 10256 and 10239 but nothing in between.

Any ideas ?

Edit

Didn't see Karmits post - 10320 then.

 

[roguetrader]

Beyond here I see no significant support for INDU before 10,250 ish, which was a late April swing high.

 

[peterpr]

Bit like wading a river here, you can't see the bottom and you'r always aware you could step into a dirty great hole and go in over your head at any minute

Like Dawn French jumping with both feet into all the puddles; the last one is 5 foot deep. Always good for a chuckle though eh?

 

[roguetrader]

Like Dawn French jumping with both feet into all the puddles; the last one is 5 foot deep. Always good for a chuckle though eh?

Yes lol Confuscious say "Fat lady who jump in puddle soon find hole"

 

[roguetrader]

Interstingly, total Nasdaq volume has declined by about 20% over yesterday, no surprise as we are in a sideways consolidation?
NYSE total volume is actually very slightly ahead of yesterday??

 

[kriesau]

So far the SPX has not joined the party. It's down 16pts or 1.2% since yesterdays open and the OEX is holding at 563. By comparison the Dow is down some 230pts or 2.2% over the same period.

I think we need to see some further downward move on the SPX before looking seriously at testing 10250.
At the moment 10360 is providing some support.

 

[roguetrader]

Internals continue to deteriorate as the Nasdaq now approaches an improtanf support level 2050 - 2055

 

[kriesau]

Support at 10360 has now held for around an hour and a half. It's either going to break through at some point this afternoon or bounce back and test 10400 - 10420.

 

[karmit]

yahoo finance is showing 10,350.78 as lowest... is this correct?
if yes, its broken 10360...

 

[Racer]

yahoo finance is showing 10,350.78 as lowest... is this correct?
if yes, its broken 10360...

Yes

 

[karmit]

there goes 10350!

 

[Racer]

When the bears get their act together they are far superior to bulls!

 

[kriesau]

Looks like the SPX has just broken through critical support at 1196 and the Dow has breached 10360.
Down we go !

 

[roguetrader]

INDU now at 50% retrace of the move up fromApril lows, 10,328, possible bounce here

 

[karmit]

its broken 10320 - and now anything is possible!!!

 

[counter_violent]

Divergence could now come into play for a move back up to 360 area....just my 2ppence worth ....

Nice bull market we got here Socs

 

[lemput]

2 great days. have been short for a while now, roughly from the highs(10580-16000), and am happy to close out everything. got out at 320. On that theme about not letting profits run I am totally with other posters on the forum. I never leave it quite long enough. However taking great profits on a wet friday night seemed the right thing to do. I think there will be a bounce next week, so am ready to reshort. User/ Kriesau- good luck with those remaining shorts. BTW that 250 area should provide decent support.

 

[john5000]

spikedown

Another (much smaller) rapid spikedown & bounce straight backup today. Chart is YM 1&5 min w/ IB feed.