Dow 24/08/01

ChartMan

Legendary member
5,580 46
What a great day on the dow....well two hours or so any way :) From yesterday's close at 228,it flew straight up to 438 and spent the rest of the session forming a pennant with a trading range of 40 points to close at 423, up 195. The dithering and violent indescision has ended with some rock solid trading.The major downtrend resistance line was flown by without so much as a hint of resistance- as if it were never there.That resistance line is currently at 311, with tonight's close some 112 points or 1% above that.
Should we expect an equally violent drop? I don't think so.This has been an ordered and consistent drive upwards, with solid TA reasoning behind it. We could look forward to more upward movement, or at least consolidation in the 400-460 range on Monday. Another 200 point rise would be nice, and not unreasonable.
I'll have to look at the EOD charts over the weekend to get a broader view, as the real time charts have run out of width and I can't see the big picture. I still hope for my predicted triangle breakout now,and that too looks a real possibility rather than wishful thinking.Have the CISCO results stemmed the season of ill will?Are we heading for infinity and beyond?
Wait and see....
 

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