The Dow - May 23-27 2005
- Thread starter TheBramble
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TheBramble
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'Alleged Breakout'? Either it's a breakout or it's not. And the fundamentals have already been factored into the action, surely?CZON said:
TheBramble
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Not looking much like a trend day.
Weakening support at the 510 level. Looks like we could be up for another range day.
Weakening support at the 510 level. Looks like we could be up for another range day.
TheBramble
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effkay - are you looking at the volume on that break?
TheBramble
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A bounce off (and up from) 500 on decent volume might indicate new (minor) Support. But let's see...
Effkay said:
People were saying that when it was within 5 points, never mind 5% of 11K
I posted a chart over the weekend which if the upper trend line is followed would have aimed at 10510. Todays 3 day R1 level is 10514, it went slightly highre and promptly fell back 30 points, I'm not sure anything we have seen so far today will rocket the DOW back to 11K. Ran in to resistance and gave it up. If it had come back down to 510ish and move dup again that would have told me something else.
Still have my short term bear hat on.
A retest of 10510/15 area will set the tone for the day IMO.
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TheBramble
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How about a lacklustre (need a magnifying glass to see volume) re-test of 500 as Resistance - will that do?!!!kevinmcm said:
TheBramble
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Well, it's above 500 while the big boys go to lunch.
But with diminishing volume and without any external catalyst to knock it out of kilter, it looks like it could just gently slide back down to a close at about the 485/90 level.
Of course, all that could change and I reserve the right to come back and edit this to look good in any event.
But with diminishing volume and without any external catalyst to knock it out of kilter, it looks like it could just gently slide back down to a close at about the 485/90 level.
Of course, all that could change and I reserve the right to come back and edit this to look good in any event.
TheBramble said:Well, it's above 500 while the big boys go to lunch.
But with diminishing volume and without any external catalyst to knock it out of kilter, it looks like it could just gently slide back down to a close at about the 485/90 level.
Of course, all that could change and I reserve the right to come back and edit this to look good in any event.
I Like the disclaimer!!
We do seem to be holding above 10500 quite well, we'll know properly after lunch in about an hours time!
TheBramble said:Well, it's above 500 while the big boys go to lunch.
But with diminishing volume and without any external catalyst to knock it out of kilter, it looks like it could just gently slide back down to a close at about the 485/90 level.
Of course, all that could change and I reserve the right to come back and edit this to look good in any event.
Would like to see it down more than that, though I'm starting to doubt we will even see such a small pullback. Todays FTSE action capped things a little. Need to see the same from the US. Scratching my head just now
515 still a pivotal point for today it would seem.
superstar said:
What are you basing that projection on, apart from its currently rising? You may well be right but I cant see it running away even though it has made a fine try at it tonight.
The last 3 days action have put a lot of stocks as well as FTSE/DAX/DOW/SPX into overcooked territory again. These things burn out and retreat, possibly to go higher. Not sure whats driving it on up right now but I have pegged the top a little early it would seem.
