Dow Intraday Charts 01 Jun - 04 Jun

tradesmart

Experienced member
1,286 22
Crude at over $42 and the market powers into green at the close..….perhaps they’re anticipating good news from the OPEC meeting on Thursday…..... :confused:

A bullish performance in the face of adversity that could put channel resistance at 10400 ish within reach.......... ?!
 

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mombasa

Established member
561 1
Ok - so is it safe to say that the bear flag is kaput :)

do hope so - tempted to see this as a big bull flag on the weekly chart :)

mind u, the target is ludicrous so maybe not :(
 

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tradesmart

Experienced member
1,286 22
The market achieves the ludicrous on a serial basis Mom, so anything is possible imho…….!….. :cheesy:
 

ChartMan

Legendary member
5,580 46
I have 350 as a target tops, based on current strength... Temporarily in Bull mode, but for how long. Won't take much for the bears to take a hold, I feel. The breakout has held above support on the old up channel resistance and that must be good for the bulls. As TS says, how come we get this when Oil is in such a bad way? One could be tempted into thinking tomorrow should be good, given the strength of the last hour or so's move....
If you can see the thin triangle made over the last few days, we got a false break to the downside today, with a recovery to just above the resistance line. This gives a target of 275 ish. That means breaking 232 and 264, so it should be an easy day to track....
 

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ChartMan

Legendary member
5,580 46
Interesting day... with ND setting in across from Friday, even though there was a small gap down. Even more interesting into the close with multi targets. By the time T1 was met , it was easy to ride on the measured moves to the top. No ND out, but you should have got out as 210 dropped into the close.... A close above 215 would have been conclusive, but I guess that was one step too far...
 

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Bigbusiness

Experienced member
1,408 23
Prior to today the Dow had closed positive on June 1st 12 of the last 13 times. This is according to my stats, that might be wrong as I am using free data but it does agree with my data from recent years. Might have something to do with today or it could be that I haven't looked at enough data for it to be significant.
 

bgold

Established member
532 5
Bigbusiness said:
Prior to today the Dow had closed positive on June 1st 12 of the last 13 times. This is according to my stats, that might be wrong as I am using free data but it does agree with my data from recent years. Might have something to do with today or it could be that I haven't looked at enough data for it to be significant.

Indeed day after memorial day is a "seasonally" strong day for the NY markets. Buying on 25May and closing position on/around 6thJune has been a profitable trade 13 of last 15yrs (source MRCI).

May I ask where you get your data?
 

eddyjo

Active member
185 3
what happens today is anyones guess, yesterday the good econ/news over rode any neg/oil news
the market itself wants to be in a buullish mode, and any good news from OPEC tomorrow will confirm.

After looking at the above charts imo the med/term looks like 10120- 10220, longer/term 9790-10400.
 

eddyjo

Active member
185 3
just noticed on the daily chart, the last two days are imo spinning tops which indicate indecision.
 

dc2000

Veteren member
4,766 129
I think Anyone is on holiday, so I will guess on his behalf 10265 for high, 10180 low, 10320 high for week probably tomorrow.
 

goldfish

Junior member
28 0
Hi everyone

I think i agree with eddyjo- IMO the Dow will remain at the 10150 - 10240 level over next two days. There could be short term resistance above there as the S+P hits a possible 1125 bull hurdle.
 
 
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