User
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10475 collapse and then a triple digit decline should be expected.....
Thats my take anyway.....
Certainly no conviction but that could all change if we were to close above 10540 for today which would also conclude this week.
So far the 30 minute chart is telling a negative story......
We opened higher and declined at the open but held on to 10475 then had a steady rise towards 10500+ region. Now it seems as if another test of 10475 is coming which should collapse with a late day big decline......
Should make it an interesting close.......
Good Luck all.....
Thats my take anyway.....
Certainly no conviction but that could all change if we were to close above 10540 for today which would also conclude this week.
So far the 30 minute chart is telling a negative story......
We opened higher and declined at the open but held on to 10475 then had a steady rise towards 10500+ region. Now it seems as if another test of 10475 is coming which should collapse with a late day big decline......
Should make it an interesting close.......
Good Luck all.....
Interesting.Racer said:
Last year the Dow was 3.5% down on the year as we entered November - it rallied some 750pts to the year end and closed up 3.5% on the year.This year the Dow was 3.2% down on the year as we entered November. If it replicates last year and rallies around 750 pts it'll end the year on a new high at around 11100.:cheesy:
Anyone here really think that it could do this :!: :!:
I think that you're absolutely right User.User said:
Either it breaks 10540 convincingly and heads for the next level of resistance at 10620 - 630 or it breaches support at 10475 and heads back down for a retest of 10400.
What will the outcome be ? :cheesy:
I can't tell you but I'm still short :!:
User
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Shorts closed longs entered.......
10475 didn't snap.......
Bulls weren't winning the technical battle but they may well get a close above 10540 tonight........
Bulls have the upper hand for now.....and heres why....
Below are the reasons again:
the Public/Specialist Short Ratio (dumb/smart money) made a new all-time high
the Public/Member Short Sales Ratio (dumb/smart money) exceeded the readings after 9/11
the NYSE Member Trading Indicator (smart money) is deeply in bullish territory
the Global Futures Bottom Indicator shows a bullish reading of 2
the Global Futures Trading Index gives a buy signal again
the OEX call/put ratio is the lowest since June 2003
the Rydex Nova/Ursa ratio indicates that the small guys (dumb money) are extremely bearish
the Odd-Lot Short Sales Indicator (dumb money) hit a new historical high last week
the Global Futures Market Timer Index is in bullish territory after calling the bottom in April
the Global Futures Fear Indicator dipped into bullish territory for the first time since April
the Selling Climax Indicator suggests that the worst should be over
Good Luck all....
10475 didn't snap.......
Bulls weren't winning the technical battle but they may well get a close above 10540 tonight........
Bulls have the upper hand for now.....and heres why....
Below are the reasons again:
the Public/Specialist Short Ratio (dumb/smart money) made a new all-time high
the Public/Member Short Sales Ratio (dumb/smart money) exceeded the readings after 9/11
the NYSE Member Trading Indicator (smart money) is deeply in bullish territory
the Global Futures Bottom Indicator shows a bullish reading of 2
the Global Futures Trading Index gives a buy signal again
the OEX call/put ratio is the lowest since June 2003
the Rydex Nova/Ursa ratio indicates that the small guys (dumb money) are extremely bearish
the Odd-Lot Short Sales Indicator (dumb money) hit a new historical high last week
the Global Futures Market Timer Index is in bullish territory after calling the bottom in April
the Global Futures Fear Indicator dipped into bullish territory for the first time since April
the Selling Climax Indicator suggests that the worst should be over
Good Luck all....
User
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NoI knew the data, its just that on technicals it didnt look promising....It gives back some of the gains but still makes progress.....so all in all the weeks not been bad......
A close above 10540 would be excellent whereas a close below 10475 would open the doors for further declines.....so the direction is still undecided......but on the other hand the other data available is suggesting that the 'dumb money' is shorting so it contradicts the case of further declines......
All in all its a market out there, so they say, so no direction is definate.......
Should make it interesting.......
Good Luck all...
When you made your bearish post at 6.40/1.40 the Dow was around 10490. You next posted around 7.30/2.30 when the Dow was circa 10520.User said:
I knew the data, its just that on technicals it didnt look promising....It gives back some of the gains but still makes progress.....so all in all the weeks not been bad......
A close above 10540 would be excellent whereas a close below 10475 would open the doors for further declines.....so the direction is still undecided......but on the other hand the other data available is suggesting that the 'dumb money' is shorting so it contradicts the case of further declines......
All in all its a market out there, so they say, so no direction is definate.......
Should make it interesting.......
Good Luck all...
Was a 30 pt move up in that timeframe really so significant that it changed your interpretation of all those technical indicators and convinced you to close your shorts and then go long !
User
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10475 was the level which needed to snap......
Even the smallest of support levels are holding.....upward progress is being made......
A close above 10540 would be good for the upward case........
You have to versatile and whilst technically we can travel either way.....
............10475 was the level that need to be snapped for downward expectation......On two occassions it held with no real turbulance. 10540 would outright suggest the Dow is to travel higher in relation to the Weekly chart......
What was said before was that should 10475 snap then a triple digit decline can be expected as normally when support or resistance levels give way then momentum grips the direction......
That wasn't the case so in knowing the 'dumb money' is shorting and therefore caution is warranted on the downside and 10475 then went on to hold pretty easily I choose to throw in the towel and change direction......
Is that ok in terms of justification? Lol
Good Luck.....
Even the smallest of support levels are holding.....upward progress is being made......
A close above 10540 would be good for the upward case........
You have to versatile and whilst technically we can travel either way.....
............10475 was the level that need to be snapped for downward expectation......On two occassions it held with no real turbulance. 10540 would outright suggest the Dow is to travel higher in relation to the Weekly chart......
What was said before was that should 10475 snap then a triple digit decline can be expected as normally when support or resistance levels give way then momentum grips the direction......
That wasn't the case so in knowing the 'dumb money' is shorting and therefore caution is warranted on the downside and 10475 then went on to hold pretty easily I choose to throw in the towel and change direction......
Is that ok in terms of justification? Lol
Good Luck.....
Hmmm.......seems to me that we're still in no mans land. Resistance at 10540 was briefly breached just after 10.00 this morning when it hit 10552 followed by a 70pt decline over the next 90 minutes. Market recovered to 10495 around midday and then remained in a 40 pt range for the rest of the day finally closing up 8 pts at 10531.User said:
Lets see what next week brings.
Have a nice weekend.
dc2000
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Up days and Down days yeah definitley more up days and down days 4 up days 1 down day dad lets me drive the car on Sundays
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