Well, as CM has oft noted, the Dow appears to like to run between parallel trendlines, as this view of the 60 min chart shows; and we’re still very much at the top of the range.
I see that the futures are up at 10685 at the mo’, over 50 points up from Friday’s close – they often seem to come back from a holiday in a buying mood….
Some commentators are suggesting that Friday’s tank was unjustified based on unbalanced Consumer Sentiment Data – Decembers’ being inflated by Saddams’ capture and Januarys’ suppressed by the infighting of the Presidential campaign - so maybe we’ll see a bounce back today……..
Ah, If we could see the future Kathy, what rich people we would be........... :-0
I'm certainly not getting rich on today's progress - just a small short from 10705 - 680, and I was lucky to get out of that without being whipsawed.......!
It's got to break this narrow range before I take another position - it's done virtually a return trip to Friday's starting point, but has so far made a lower high, so I suspect that it's going to make a big triangle over several days before deciding fresh direction - no dead certs though....
Will wait for the move, then try and get onboard.....
Still too early for me to put the bear hat on, though the way I trade that can change within 30 mins.
Although we are seeing a lot of noise intraday, for me the trend is most definitely still up, we still continue to see H/H's and H/L's and we are continuing to nudge higher with some degree of measurement and rhythm, highs are moving in 50 point steps and trendlines from 10 min channels providing excellent support.
A break of 750 if on target should see us bounce 800 , but who knows....?
P.S. Only posting cos this must be the most god damn boring couple of hours on record
OES – hey!, we’re still in the Shark Channel , and that’s got to be bullish… :cheesy: ! Every time it has made a new high for months, it has to retest it pronto, so 10750 is very likely on the cards……the line of least resistance still seems to be up, and with stocks still in the perceived ‘sweet spot’ of the low interest rate/expanding economy environment, why should things change…….?!
Mom/Anmolway – I’m not going long just yet as we’re very close to recent resistance, and I’m a bit fixated by the falling top line that I’ve first noticed today, which seems to be resistance so far…but there’s nothing to say that it won’t blow right through this later…….third touches on resistance lines often result in a breakout…….otherwise I’m looking at a potential pullback to the lower uptrend line at 10630ish to confirm a major triangle development…….