DOW - ES Charts 03/02 - 07/02

ChartMan

Legendary member
5,580 46
Continued long term positive divergence adds to the uptrend momentum. Slope change in uptrend support on CCI suggests a nice move up, maybe to 8250 resistance. Minor bull triangle and balance of power above the 100MA supports this..... with 8400 as a top target.
 

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ChartMan

Legendary member
5,580 46
Hope you understood them ok. You should be able to find the charts as well, burried in the archives.... if not, I can email them to you.
 

ChartMan

Legendary member
5,580 46
So much for all that Bull :( Just goes to show that the market will do what it likes, not what you think. So now we are in sideways mode, 7900 to 8150. My saving grace was calling the bottom today, or rather the turnaround at 7970. Pity it was only worth 50 odd points, but there was a great ND top exit.... As it turns out, it wasn't a top signifying a trend change, so there may be a return to the upside tomorrow....Could that be a cup and handle? Not very common at all. If it is, 8100 is the target.
 

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ChartMan

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5,580 46
ES volume chart showing divergence on volume at reversals....
 

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ChartMan

Legendary member
5,580 46
A nice bulltriangle to start the day off, edging it's way up to may target of 8100 from yesterday. The Bull Triangle broke to the upside, but very soon got into weakness, failing to make it's target of 8180 by some 30 points. Still, Negative divergence was setting in, giving warning to the top, and clearly seen on ES Volume divergence. A quick drop to support at 8100, an attempt to rally soon failed,making a weak attemt to test the 100MA before dropping like a stone to 7970. Again we saw divergence getting us of the bottom and volume divergence on ES Futs. Closing action produced a Bear Flag, target 7826..... I'm not a great believer of closing TA targets performing.....
 

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ChartMan

Legendary member
5,580 46
Very profitable trading the 00's and 05's today and good volume divergence on the tops and bottoms made for easy pickings.
 

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ChartMan

Legendary member
5,580 46
SR Switch pointing to the impending bull triangle failure.Note the correlation to the 100MA......
 

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ChartMan

Legendary member
5,580 46
Just a quickfinish for the week. The sideways channel has broken to the downside, bringing with it more grief for next week.......Came within a Gnat's whisker of the Bear Flag target of 7820
 

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