Dow 14/08/01

ChartMan

Legendary member
5,580 46
After an initial rally to 478, most of today was in decline,as suggested by yesterdays negative divergence. Lows made lower lows and Highs made lower highs, confirming the downtrend. Surprisingly,major support lines 350/60/78 did not get broken...HOWEVER..
I see 387 as critical pivotal support.There is short term positive divergence on Phase and RSI, which should lead to an up day tomorrow, but longer term, there is strong downward pressure. Failure of 378 leads us to support at 314, the major downtrend support line( which was resistance on the way down).
Difficult to find any clues as to overall direction...a continuation of the downtrend, but shifted up 100 pts maybe?
 

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