Dow Intraday Charts 08 Dec - 12 Dec

[tradesmart]

Well, I guess that everyone is looking for a short entry, but maybe it's not quite ready yet.......

If it reaches 10,042, last hit on May 31, 2002 - it will be an eminently tradeable 'double-top' to watch for! 😉

Bound to be some severe whipsawing around the time of the FOMC statement...... 😡

 

[ChartMan]

Long here, stop 64? Bounce on 100Ma , ES sell vol Level, so divergent...

 

[ChartMan]

Is 18 months back all that relevant to today's sentiment? A point for debate....

 

[jaykay3]

Sorry I haven't understood your last 2 posts at all.

jaykay3

 

[mombasa]

gone long at 9978 based on 100MA bounce and weak RSI/price - oh yeh, CM poast above as well 🙂

estop at 9958

 

[SpecialFX]

Hello Everyone!

TS - No shorts for me - its too cold here 😆 (unless we see the likes of 9840/50 that is).

Have moved my stops up to 9920 for today, and as always looking for 10K+ to take profit (probably around the 10040 mark).

Maintaining my buy on dips strategy.

SFX

 

[ChartMan]

I'm posting a suggested trade, and why to take it. The 18 months bit refers to the last high at 10042 in May 2002.

 

[ChartMan]

Target = slope line from 10,000 to 9995? Not going far, rsi weak and es vol low.

 

[jaykay3]

OK Thanks - not used to the shorthand speak yet - I will get there 😱

 

[Quercus]

CM
An interesting point and the cynic in me could say that it may have something to do with large financial institutions wanting the garden to look rosy again, so I can imagine the pre-opening sales team meetings earlier on! "Now lads we don't know what might happen after 2pm today so maybe we've got to get it over 10k early on and then wait and see".
Also it is election time soon and I for one am amazed at the relative performance of the Dow compared to broader economic indicators and such like - look at gold! God bless George or should that be America!
Cheers
Q

 

[tradesmart]

Looks like there could be levels just above 10k more significant than the stated 10042 to produce a well defined double-top, and they could be some way off..........

and as you said CM, are they too far in the past to be relevant? 😕

 

[mombasa]

dbl btm & divergence - long might still be ok.

 

[tradesmart]

Sideways/down action until Sir G utters imho - I'm guessing that the best trade will come after the reaction to his words......(when the dust settles that is!)

and if he say's "there's no hope whatsoever!" - it might be a short........ 😉

 

[mombasa]

well, I'm now waiting for CM's "never made it to 64, so safe long ......" to work 🙂

 

[Quercus]

If he mentions "rationale" at all I'll be selling the family silver!😱
Q

 

[ChartMan]

Arrrhhh what happened there? Dow poops but ES stable...and div vol on ES... Someones playing around... ES support on 1065 for four mins.

 

[mombasa]

dunno - stopped out 🙁

feel like shorting the b*&*rd

 

[bgold]

Watch out guys, "they" are reading these posts. Let's do quiz: was drop caused by: a. Your broker? b. The plunge protection team? c. Fellow T2W punters or d. computer in illiquid market?(haha)

Interestingly, YM didn't move on 16:19 but had moved about 5min earlier. So I suspect the future went at enough discount for a computer program to kick in and sell the "cash" (eg stocks). The puzzle is why futures volume didn't pick up?

 

[mombasa]

Hey CM, whilst we're all twiddling our thumbs waiting for something to happen, have u looked at Stoploss's & China's TRIN ES thread - looks interesting - if one can figure out what they're talking about.

I like the bit about using TRIN & price divergence - but like RSI/price div except that TRIN seems to be leading indicator.

As for PREM - I stopped thinking at that point ......

 

[ChartMan]

Trin is good, but like all things, you can't just take it on board, you have to study it and analyse it..... Then decide if you understand it enough to use it......