Dow Intraday charts 15/Mar - 19/Mar

tradesmart

Experienced member
1,286 22
Anyone bought the Dow at around 120ish?

Managed to close my Friday long at 210 today (lucky with all the bad news about!) and went short.... :cool:

Now suspicions of a double-bottom appear to be well founded, so having another try long with a tight stop (but of course, watching for the warning signs of another leg down...... :confused: )
 

mombasa

Established member
561 1
lovely dbl bottom with divergence on 60 min.

Also on 10 min.

Also, bouncing of weekly uptrend line.

But, still holding below daily 100MA :(
 

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frugi

1
1,827 126
5 waves down on 5/10 min chart. 123 setup building on ES at lower pivot. Good vol div on ES 30 min dbl bottom with lots of PD as Mom mentions.

But what fun it would be for the big boys to take out a multitude of stops below the dbl bottom before taking off upwards. :(
 

tradesmart

Experienced member
1,286 22
47 points in 5mins - nice......none of this is rocket science....but....

WE HAVE LIFT OFF..............!!!!!!!!!!!!! :cheesy:
 

bgold

Established member
532 5
"Houston, we have a problem!" :)

Wonder how many trader/risk capital is looking at this market with view of going long of lows (eg pick the bottom) and push market up into Fridays' expiration. Options market makers would certainly minimise pay-offs on sold putoptions. It would be very suprising if the market isn't going up next few days. Too much at stake for the big boys!

For now, is this a bottoming pattern or a cruel bearflag? On the 10min chart it seems that there is a bit more leeway down before PD in RSI, MACD and CCI get violated.
 

tradesmart

Experienced member
1,286 22
bgold - yes, when 'what goes up' comes straight back down, it does demonstrate a certain lack of conviction....... :LOL:

suspect we might see some geometry in the making now.....
 

bgold

Established member
532 5
This market is climbing a wall of worry!

We've had 2 1/2 hours of higher lows and I am still not scoring any points. Stopped out again. And I wasn't alone in YM stop at 121 was filled at 118!! That's no fun.

Do I see an ascending triangle? Or is there more to this picture?
 

ChartMan

Legendary member
5,580 46
Guys, don't guess the bottom... The Bears have us all by the bulls :)
It's close- 3 day divergence in CCI and a distinct failure to make support on the 10 min gives us a small hope of a bottom. WE need to come out the other side with something a bit more positive, like a clear D /bottom, a "W" or Inv H&S so we can get a target by which we can determine up or continue....
 

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ChartMan

Legendary member
5,580 46
Not much of interest really, save BG's comments about tracking higher lows... what else can can you do? Tread carefully , I guess, and use smaller stake sizes whilst there is uncertainty. The interesting thing today is the late up channel that showed the failure mechanism by way of not making resistance ( or support for a bull break). Much the same as can be often seen in triangle breaks from time to time. So what? Well, you can close a long for minimum loss, or take a short.... The same can be seen earlier as the price hit "rock bottom" at 10,111. This time, support failed to make it.
 

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tradesmart

Experienced member
1,286 22
After the severe falls of the last week culminating in yesterdays rout, it doesn’t take much foresight to suspect that we may have a decent bounce soon, and the big picture confirms that we are now in a historic support area….

But as usual, climbing the “wall of worry” has immediate obstacles to confront, namely the FOMC meeting on interest rates today, the details of which will be released at around 19.15 this evening…….(it’s not what they say, it’s the way they say it…….! ;) )
 

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mombasa

Established member
561 1
Hi Chaps,

These are my thought fwiw :

I figure we are in a downtrend - dunno how long or how far, but still down.

Weekly Charts - we've broken the bottom trend line - resistance @ 10,240 based on 20 EMA

Daily Charts - Broken thru 100 EMA. Resistance at ~10,220 (100 EMA). Support down to 9850 (200 EMA)

60 min chart - Resistance at 10,140. Support at 10,100 based on yesterday.

10 min chart - We had a bo of a descending triangle yesterday. Doesn't look like its gonna meet target 'cos futures r up today - unless its a pullback to tri base.

Overall, expecting a bounce today - ie a pullback on the longer term downtrend :(
 
 
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