Dow analysis

ChartMan

Legendary member
5,580 46
What a drop. Didn't think it would go so far and it looks like there is more to come. The 50% fib point is 9214 ish and I think that will provide solid support.One trend line support is at that point, another is at the close today.Stochastics are right on oversold, but we could be there for tomorrow as well....I said Friday we would go down and all my reasoning was correct.Stochastics are currently providing a good clue as to how long we are at a top or bottom. Worst case bottom is that there could be another 100 point drop from here.Well I think it won't be that bad, as we were well over done today, BUT there was no sign of strength at all at the close.RSI (33) is close to the bottom channel at 30 and CCI has a bit more to go.
The bull breakout was short lived and has to be a fake, although it made 150 points above the breakout.9200 is the crucial point. Below that and the uptrend is over. If we can turnaround before that,the retest of 9430 horizontal resistance is valid.
Whichever way, Tomorrow will hold the key.....I say a drop to 9220, and off we go...
 

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trickster

Newbie
7 0
dow data

Guys your analysis of the dow is great.. can I ask a favor. Are there any sites where I can get near real time data on the dow?
thnx in advance
 

Naz

Experienced member
1,391 24
Please remember that tradearca.com is not a true level 2 screen.As it says in its home page it does not necessarily represent the true bid and offer in the market place.

When it comes to major turning points Ecn orders just disappear and an Ecn book (which this is) do not show the true intentions of the market.

Part of using level 2 correctly is to take advantage of players that dont have the correct software and dont understand what they're doing ,this is a case in point.
 

ChartMan

Legendary member
5,580 46
Mmmm I guess I should have mentioned that. Never mind... it's still useful to look at and get mesmerised by all the prices flowing up and down, but it really is a toy as Rizz says.
 

Sharky

Admin
5,635 413
How's that Antny?

If you find the time's against posts are wrong, perhaps an hour out.. then have a look at your user control panel - the user cp button along the top and make sure you've set the time correctly on that. It was wrong for me, and took me ages to figure out it was a setting in there.
 

trickster

Newbie
7 0
thnx for all the help folks that quote.com is ok and Antny, I'' check the nextrend this afternoon. Thnx again
 
 
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