Dow 2009

N Rothschild

Well-known member
Oct 13, 2008
5,296
603
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#1
So whats everyone feeling for 2009?

IMO we are going to see a bit of a rally into the start of NY then steadily sell off over 2009 ending the year down. as they say, a trend is a trend until it ends..and we are still in a massive down trend..i don't think the markets can shrug off the sell off we witnessed in October so quickly. I am looking for 6000 in the dow and i am putting my money where my mouth is!

As you can see in a weekly chart of the dow we are till in a down trend, if we are to rally i don't believe it will break the 21ema
 

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Bloodhound

Well-known member
Nov 12, 2008
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#2
Hi there,

For what it's worth (and please bear in mind I am very new to all of this) I think (from a TA point of view) both the Dow and the FTSE are forming symmetrical patterns which means we are due for a breakout pretty soon on both indices (no doubt the FTSE following the DOW) - either down to about 6,500 or up to about 10,500. Given that there is so much doom and gloom, as well as general economic malaise, I would predict a move down short term followed by a rangebound market well into the latter part of the year. The only thing preventing the market going lower than 6,500 (IMO) is the change of US President and the undoubted alterations this will make to the way the markets view the US economy.

Cheers
KJ
 

N Rothschild

Well-known member
Oct 13, 2008
5,296
603
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#4
Few trend lines for anyone intrested. Still in a major weekly down trend..7000-6500 would be the next touch of the major trend if we break out of this minor upwards trend over the last 4 weeks or so, also the wedge forming over the last few days..lets see what next week brings.

Also a 3rd touch of the minor up trend would coincide with a touch of the weekly 21ema. Possible bottom potential IF we were able to hold about 8000 or above, forming a head and shoulders reversal pattern
 

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Atilla

Well-known member
Nov 15, 2006
18,107
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#11
im waiting until we get to the other side of 9000.

maybe as much as 9025.

I have Pivot Points

R1 @ 9065
R2 @ 9160


If they get taken out then we are enroute to 9500 & 10,000.

I'm flat waiting to see next couple of days. However, thought it would rise once the bad news on manufacturing index was out. :cheesy:
 

N Rothschild

Well-known member
Oct 13, 2008
5,296
603
173
#13
I have Pivot Points

R1 @ 9065
R2 @ 9160


If they get taken out then we are enroute to 9500 & 10,000.

I'm flat waiting to see next couple of days. However, thought it would rise once the bad news on manufacturing index was out. :cheesy:
im flat to, wana see the price action around the 9050-9100 mark before i take any posistions
 

francisfinley

Active member
Jan 27, 2008
900
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#14
I have Pivot Points

R1 @ 9065
R2 @ 9160


If they get taken out then we are enroute to 9500 & 10,000.

I'm flat waiting to see next couple of days. However, thought it would rise once the bad news on manufacturing index was out. :cheesy:
cool, yes no signs of slowing this little run, need to look for the big kahuna where everyone jumps off, obviously 9000 would be it. will wait to see on the other side... looking for a sell opportunity.
 

arabianights

Well-known member
Jan 9, 2007
6,725
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#17
Would I be a complete idiot if...

I were to do a MOC short with a guaranteed, say 100 tick, stop over the weekend? I'm pretty inexperienced with the dow but think it's way overbought here...