Dow Analysis becomes sensible...

ChartMan

Legendary member
5,580 46
Following the traumatic performance of the markets, the DOW now shows signs of establishing "tradable" TA. It would appear the fear has gone from the market (for the moment) and the Market is behaving rationally- or as well as can be expected under the circumstances. An outbreak/announcement of active engagement abroad may cause great unpredictability, uncertainty and fear to the market in general.
From the chart we can see that the DOW has established solid trading bands,on which we can give some reliance.Support/resistance bands have been established at 8490/8500;8700/8750; and just tonight 8875/8900. The strong finishing rally may indicate overbought, or good strength. who knows? To continue the upward strength, we need to close above 8875 tomorrow. If it's overbought we will see a dive ...possibly to support at 8700.
The chart shows 10 min time scale, and indicators are RSI(14) and CCI (90)
 

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