Dow Intraday charts 01/Mar - 05/Mar

tradesmart

Experienced member
1,286 22
Friday’s chart action suggests the possibility of yet another big triangle alert (also echoed on the Nasdaq Comp/100 and S&P).

The recent sideways price action may well ‘wind up’ into an increasingly tighter pattern as the index looks to make a big break from the range, possibly in reaction to economic data released this week.

Pure speculation until confirmed of course……… ;)
 

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tradesmart

Experienced member
1,286 22
Looking at the big picture from further out, the current lower consolidation has marked similarities to the ‘bottoming’ pattern established late Jan/early Feb which preceded a strong (but short lived) surge north……too early to draw firm conclusions (can you ever?!) but as excellent chart work posted recently by OES has also confirmed “if there is a plan we are most definitely sticking to it” ……so far.......... :confused:
 

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jsd

Active member
232 3
hmmm well not long now to see how it plays out, as we are nudging towards daily long term and weekly long term uptrend support lines, if i was position trading i'd be looking to short 10400, if opinion position trading short @ 10600-700 seems excellent value, target 9900, for assessment of fundamentals 12months forward,(likely to be nervously hopeful, next stop 9000 aug/sep 04) still seems to me that my opinion is saying nothing but a tax cut,plastic fuelled, uncertain "chuck money at it,fingers crossed, but we all suspect deep within that crisis of economy will be revealed upon the unvailing of the golden trojan horse"



jd
 

jsd

Active member
232 3
now can someone put the upside projection in place then we are "opinion" covered both ways.

jd.
 

One Eyed Shark

Well-known member
257 13
Take it that you think we are going down then JD :cheesy:

I am with TS and think this is going up , albeit slowly and causing the maximum amount of pain as it goes, 10800 is the next stop on the ride north though would agree below 400 and all bets are off.

Fundamentals tell me that there have been too many opportunities to take this market down in Feb if that was the direction it wanted to go, yet we are still in the up channel.

Also don't forget that for the next 8 months the Dow can be re named "The George Bush Election Manifesto"

One other point of interest, the 1st trading day of March has been an up day for 6 out of the last 8 years
 

tradesmart

Experienced member
1,286 22
yeh, but how much per point CM £10/£100....?!

us novices need all the details......... :cheesy: :LOL:

ps- good call anyway...... ;)
 

ChartMan

Legendary member
5,580 46
would have been more but sharky came on messengre so I had to close early :(
Still, he said he'd cover my loss... only 2 grand :) :)
 

tradesmart

Experienced member
1,286 22
I get your drift CM - "go big or go home"! - exactly my own philosophy (relative to beer money that is..... :confused: )

looking at the 10min chart from mid Feb, definitely some evidence of a 'rolling bottom'( :cheesy:) or less controversially, maybe a 'saucer'...?

maybe we'll get that upside break later in the week........ :?:
 

ChartMan

Legendary member
5,580 46
Some nice clear signals today, the trend slope change that I called and the fly through at 32 signalled a good up day.Whichever way you look at the res line, we broke out today.
 

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