My perception of the dow futures:
X = ok short but not one I feel has the best odds. My issue with this level, is depending on prices move towards it, it could be an attempt to break that level and go higher or try to resume the trend line. Trend lines are broken often, but it's what happens after the break that's important. A lot of breaks can lead to quick recoveries. Just something to remember. It's still a level I would short at if I saw the right accompanying PA, but I don't feel as confident shorting this area as I would the one below it.
check mark = great imo. If price gets below the 7330 level and happens to show it as R, and price shows on the lower time frames to have a bearish sentiment, I would feel confident in selling. This would also increase my confidence that this trend line break isn't a false break, but an actualy break down of price. Also, depending on what occurs after that, would give me an indication if there's going to be another attempt to the lows.
This is all opinion of course. Just like all trading!
X = ok short but not one I feel has the best odds. My issue with this level, is depending on prices move towards it, it could be an attempt to break that level and go higher or try to resume the trend line. Trend lines are broken often, but it's what happens after the break that's important. A lot of breaks can lead to quick recoveries. Just something to remember. It's still a level I would short at if I saw the right accompanying PA, but I don't feel as confident shorting this area as I would the one below it.
check mark = great imo. If price gets below the 7330 level and happens to show it as R, and price shows on the lower time frames to have a bearish sentiment, I would feel confident in selling. This would also increase my confidence that this trend line break isn't a false break, but an actualy break down of price. Also, depending on what occurs after that, would give me an indication if there's going to be another attempt to the lows.
This is all opinion of course. Just like all trading!