Commented elsewhere, 'didn't do what we expected, did it'?
A few possibilities to consider. At least a d/top at 9900. Maybe a H&S with double apex. Maybe a correction to the down channel, still maintaining the slope. Maybe none of these as the market just wants to screw us...... OK, I admit it,I spent the day looking for a long I'm not telling you what I really think because I need the points in the comp next week.
Depending on where you take the mouth of the open triangle you get T1 or T2...You could argue that T1 just made it, around 9832. The whole day just foxed me. First it looked like a false break to the down side,then a break and hold on 64, then I gave up. Or so I thought. Then I saw the PD bottom and decided to wait for the 64 break, which of course never happened, instead just dropping into the deeps. Did it make any sense to you?
Foxed also CM! - broke the rules and scored with a futures long 9870-9930 and then got greedy and blew half my winnings on an ill conceived long which I had to pull.........
Well, we have had plenty of warnings/examples that they were 'buying the rumour and selling the news' recently!
and that 'double top' clearly had major significance.......
They'll probably 'buy the news' next week when the price has dropped a bit....... :cheesy:
ps- US quote:-
"I'm coming out feeling pretty good ... normally on Friday you get some profit taking," said Bill Roe, portfolio manager at Melhado Flynn & Associates. "People are still somewhat cautious -- and the more cautious they are, the more confident I am that the market is going to go higher."
We all read the market slightly differently no big moves but what i saw was two small triangles and the double top also i have just started looking at pivot points and have to say most days they work fairly well as you can see the market found support forming a triangle then broke through and again found support on the next level looking back historically there never more than a handful of points away from each turning /support/Resistance area .
Best regards mark
Had to be a quick in & out trade CCI was falling, yet price went to 9780.
I have a set up on D4f where I just have the 10 & 50 ema (INDU)
& nothing else on the chart, just 2 lines, it's amazing how clear trading becomes & how it saves you from making stupid knee jerk trades.