Dow Intraday charts 09/09 13/09

ChartMan

Legendary member
5,580 46
Quite a good TA day today- makes a change :) . From the off, although we opened some 70 points down, positive divergence set in straight away. The final bottom pulled away rapidly and bke the 100mA giving hope to continuation...Final confirmation came from the failing of the H&S that had a target of 8340, which is where the price had its final touch before taking off on its final run to 8554. There was another confirmation when the bull flag pulled back to the 100MA. From there up to 8500 it was a case of follow your nose.... but support was forthcoming at 8432 and 8464, just like the good old days :) The top should have been well read, taking in the 3 pk ND and getting out at 8557 on the 3rd peak, although ther was one further peak just a little lower at 8554 for the extra greedy ones....
A good day for TA in all, and it would seem that support may be forthcoming at 8500 having been tested 3/4 times.
 

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ChartMan

Legendary member
5,580 46
Straight into 8500 test with a "W" bottom and away to 8600. This was followed by a steady decline over lunch back to to test 8500. This steady drift was abruptly stopped and an excellent rally back to 8600 and a close at HOD that followed an expanding triangle. This should give us a good start to the performance tomorrow. Care is required, though, having due regard to the events of a year ago. Tomorrow may prove to be a strange day, there being plenty of sentiment around to upset normal reasoning. A good session for the T Time traders, getting in on the PD bottom of 8500 and a straight ride up to the top at 8600.
 

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ChartMan

Legendary member
5,580 46
We got a good start to the day, eventually. Straight up to touch 38% retrace, a rapid drop to 8600 with a bounce back to 50% after a PD bottom. From there it was a straight drop intop the close.
 

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ChartMan

Legendary member
5,580 46
Relatively uninteresting day...Continuing yesterday's end of day drop and continuing throughout the day spending just about all of the time under the 100MA. The biggest excursion was about 15 points above this...Interesting profile on RSI
 

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ChartMan

Legendary member
5,580 46
Another relatively uneventful day from a TA point of view. Two clear RS switches and a couple of divergent top/bottoms, but not decisive by vitue of the lack of confirmation from CCI. A nice short entry confirmed by the price pullback to the 100 MA. Let's hope next week can bring us something a bit more interesting by way of TA...
 

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