Dow Intraday Charts 08 Dec - 12 Dec

[ChartMan]

New week.

 

[tradesmart]

Well, I'm not planning to go long in anticipation of a 'Santa Claus' rally just yet...........!

The expanding range formed by the close on Friday around 9850 looks kinda bearish to me........

9840 might give some support, but after that it's 9800 ish (38.2% fib of the 9585-9940 move)

No data today, but the weak dollar in focus.......maybe the bull's hopes rest with Sir G's utterances that might influence interest rates at the FOMC meeting tomorrow.....

Firmly on the fence for now.......

 

[lockstock]

5 min deal 4 F. moving EMA's turning +ive- S& P moved above 20 EMA. !! Just an observation- a flying visit to the office 14.07 hrs

 

[tradesmart]

Ha, that hint of PD under the expanding range was the clue - bulls rool ok - (for now! :cheesy: )

 

[mombasa]

short @ 9885 on dbl top now - stop @ 9905

 

[mombasa]

my dbl top doesn't look good - bull triange forming !

 

[SpecialFX]

Good luck Mom - although not too much as I'm still long from 9885 from Friday

And still hoping for 9935 (& 10k+ later this week)...

Whats your target - 9820 still?

 

[mombasa]

SFX - right now I'm not sure what's going on - no target - just trying to get out - that little move down got me to break even but I thought it was gonna go down more so didn't close

think 9840 is strong support so will be happy if it gets there and bounces.

BTW, got ND as well so can't see much upside from here - but it could be one of those pesky opening ND's !

 

[SpecialFX]

Not sure whats going on myself now - 9900 is proving trickier to overcome than I expected - may unload some now & load up again if we see the other side

 

[Quercus]

Short @ 9890 stop 9910

 

[Quercus]

T1 is 9860 T2 9840, -ve div at 9900 plus tick not too strong, lets see what happens now?
Q

 

[SpecialFX]

Welcome back Q! It looks like everyone is betting against me (again) - is it personal

 

[Quercus]

Not at all, Mr Market will decide!
Cheers
Q

 

[One Eyed Shark]

Normally I would be looking to short this market now, only concern is that we are bouncing off resistance on the 5 min chart( on what can only be described as a clear bull flag )

Are we going to break through ( c9905 ) or bounce back down in the channel :?:

 

[tradesmart]

The way that it’s bouncing off the rising 100ma on the 1min chart looks kinda bullish to me just now – however, no position yet, but wouldn’t mind a decent long entry on a pullback……

Possibly anticipation of a market friendly statement from the FOMC, and belief in the Santa rally are keeping it up……..

Some evidence that bull markets do not give ground easily!

Ps – profitable longs on the FTSE/DAX are providing some distraction

 

[Quercus]

Just moved down through a daily channel support line on my 5min chart, so it's looking better now for the shorts!
Q

 

[SpecialFX]

Its just playing with you Q - its on its way up at any moment

 

[tradesmart]

For the past six sessions, it's been trading in the 9840-9940 range, and shows signs of making a 'rolling-top' that CM has drawn our attention to previously........

it's obviously only a matter of time before it breaks decisively from the range, which will be a good trade when it comes.....

some of the news items coming this week could provide the catalyst..........

not prepared to guess the direction just yet........

 

[bgold]

Today feels like weare working our way towards a big move, either up or (i still think) down. So one should be patient and ready to strike.

Now I thought that that might have happened at 17:00gmt when 100ema was crossed. Since then we are again hugging the 100ema. So, perhaps having position not too smart.

Anything this is were I am now at 17:30
shorted 1/3 position on crossing 100EMA and another 1/3 when retested. Should probably have waited on confirmation! Another 1/3 when Dow makes new low below 9887. Stop about 10pts above todays' high.

Wasn't is: "Patience is virtue"?

 

[Quercus]

Indeed bgold, but it's testing mine right now!
Cheers
Q
PS Actually, as it stands now I think Tradesmart is right and it's just gathering strength to go one way or the other. Stops in place so lets just sit back and relax!