Dow Intraday Charts 17 Feb - 20 Feb

ChartMan

Legendary member
5,580 46
Now then Chaps and Chapesses..... This is getting very cluttered nad I go along with the views today- 750 and above , still in channels and making higher highs. There is no reason to think it won't carry on up. I'm puzzled by the apparent divergence in CCI, or is it really a bull flag in disguise? RSI can be seen to be making an expanding triangle. As it is, there's not a lot of rom on RSI unless it follows the expansion.Even so, on current strength, that would take us to the 760/70 area.
Take a look at the possible new channel, marked 1 and 2. This is forming a much steeper slope and therefore greater volatility, so take care! At the moment there are too many trees to see the wood. Hopefully, we'll see something more concrete develop over the next few days to give some real guidance. It's bit by bit at the moment I think.
 

Attachments

  • dow 17-02-04 10.gif
    dow 17-02-04 10.gif
    41.7 KB · Views: 479

ChartMan

Legendary member
5,580 46
I can't see it as an Inv H&S..... there is no real definition to the form.But that's just my viewpoint. But this may put a spanner in the works- I favour the theory that the price return to Status Quo following news driven spikes. so how about taking this view, with the drop ignored....
 

Attachments

  • image3.gif
    image3.gif
    13.6 KB · Views: 421

ChartMan

Legendary member
5,580 46
Today seemed relatively easy, given you took the long entry at the first trend line break at 690 ish and sitting it out tracking the 100EMA. The mid-day expanding triangle showed promise as the base line slope increased twice before breaking 710 and very quickly dropping into a multi ND top , failing to break 732 on 5 tries.It's a pity that the middle peak in the exp. triangle wasn't higher- would have been a good signal for a close and short ( a la TS) on ND, followed by another long entry at 696 on the short PD.Might have been another 10- 15 points that way. Call it luck, but I had a small overnight punt on a long so picked up a nice "Brucie". A rare event. Must have been the boredom of no markets yesterday. :cheesy:
 

Attachments

  • dow 17-02-04 1.gif
    dow 17-02-04 1.gif
    26.3 KB · Views: 440

rustic1

Active member
243 1
CM

On the 10 min chart you mentioned


As it is, there's not a lot of rom on RSI unless it follows the expansion.Even so, on current strength, that would take us to the 760/70 area.

How do you project points on the RSI to price moves. Do you look at 20 points RSI will push Dow up to 760/70/

Thanks

Kathy
 

ChartMan

Legendary member
5,580 46
As an approximation... take the RSI/Price move from 30 to 70 = 120 point move yseterday. This = 3 points per point of RSI. There is 20 points that RSI could move up today so that = +60 on the close. All guess work and smoke and mirrors. :cheesy:
 

jsd

Active member
232 3
hmmm the one thing that keeps churning deep within the grey matter is the angle of ascent on the weekly chart from 7500 to present some 3000+ points with no decent retrace in view it could be argued yes but the angle rate of decline to 7500 was in fact sharper and prices can be seen creeping steadily back from whence they came. but the economy 6-12 months out seems uncertain, the dollar may well reach crisis levels, the yanks at present are happy to let it devalue to help with the glass economy and exports etc. election year froth and all that i see this as a major top for the US. and just waiting to hear "US Dollar Crisis" for the meltdown to begin.

So I'm Belly Up on the US, the ultimate stockmarket con in play.
oh the land of the freeeee, and the home of the brave...
jd.

but i'll still long it if its longing.
 

tradesmart

Experienced member
1,286 22
Great overview of yesterday’s action CM! – the huge waves on chart 2 are certainly food for though, and could be evidence of the rising tide that is lifting all boats (hope that I’m not ‘all at sea’ on this point…… :confused: )

Wellshot – I appreciate the dilemma – It’s easy to spend too much time projecting lines and imagining what might happen, then overlooking what is happening – I was doing that for most of yesterday ‘till RSI divergence came to my rescue towards the end of the session (it had been strangely absent earlier in the day) – simple and always the most decisive of indicators imho and always worth watching for......

jsd – In this current rally we’ve done around 3400 points in c.340 days - After the 1998 Asia/Russia crisis the Dow rose around 4000 points in c.220 days without retracement and then went on to the 1999/2000 highs with only minor pullbacks; so there are recent precedents for rallies of long duration…….true, there are always things that could go wrong……..
 

Attachments

  • 18-02-04.gif
    18-02-04.gif
    17.1 KB · Views: 540
Last edited:

rustic1

Active member
243 1
Hi all

The PD & ND on RSI really does seem a very good indicator, shall watch it more closely

Kathy
 

mombasa

Established member
561 1
kathy, its a pretty low risk way of making a few points (as long as u have stops in place) . Trubble is u have to wait a while for them to happen - and if u're impatient like me it's very frustrating to sit around ....

But its great for confidence building as long as u have the discipline.

I don't :(
 

frugi

1
1,827 126
I've spawned an illegitimate purple triangle which may or may not provide the key to the next big breakout. I don't expect much movement till after option expiry which would give the Dow a chance to do its 3 cycles before breakout thing. Possibly.
 

Attachments

  • indu.jpg
    indu.jpg
    104.4 KB · Views: 499

tradesmart

Experienced member
1,286 22
We'll watch that triangle Frugi; as I mentioned yesterday, I'm convinced that there's a big one in the making.......

A few points on the table so far using RSI divs to confirm where short term support and resistance is……….(you could almost guess it after yesterday’s performance…! :confused: )

Seems to be the Nasdaq taking the lead today – odd! – I read that they were cashing in their tech stocks, and buying blue chips……….
 

Attachments

  • 18-02-04a.gif
    18-02-04a.gif
    18.8 KB · Views: 422
 
AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock