Dow Intraday charts 22/09 - 26/09

[oatman]

Hi,

Head and Shoulders...chart formation
http://www.chartpatterns.com/headandshoulders.htm :cheesy:

 

[rossored]

Have a look at these links Austin/Liz for some info, too :

http://www.decisionpoint.com/TAcourse/TAcourseMenu.html

http://www.incrediblecharts.com/technical/easy_guide.htm

http://www.stockcharts.com/education/

 

[Austin&Liz]

Many thanks oatman & rossored - much appreciated.

Cheers

Austin&Liz

 

[jonnyy40]

Got to go out in a mo' today's been a world in itself already!

 

[ChartMan]

Oarsman, the numbers 32 and 64 that appear in every 100 ie 9564,9464 etc are what I call the DOW magic numbers. For whatever reason, they always provide a minor support/resistance point, whatever the action. Thus they form an important point ( mostly) during an intraday move. Keep an eye on them when you are in a poistion and the price approaches those numbers.

 

[2468steve]

Oarsman,
just take a look at highs and lows today to emphasize what CM's magic numbers tell........spooooky
high 9458
low9362

cheers

 

[oarsman]

CM and 2468steve

Thanks and as you say - spooooky!

 

[Bill]

CM I've got a question.

I saw what looked like a large triangle developing today with maxima at 5pm [12 EST], 8pm [15:00EST] and minima at 3:30 [10:30EST], 7pm [14:00EST] with breakout south at 8:40 [15:40]EST. It is more obvious on the 5 minute chart.

Assuming this is in fact a triangle and has broken then the target has not yet been met. It should be < 9300 on the Dow and ~ 1000 on S+P.

The question is can we assume that the target will be met tomorrow? or is tomorrow completely independent in terms of this type of TA?

Thanks and thanks for the ongoing analysis.

 

[Newtron Bomb]

CM hope you dont mind me jumping in...

wje200

If this is what you are talking about (see chart) then if the prices continue then it would be fair to assume that it would hit its target on the open... and looking at eh es`z they have done a further 5 points (50 dji points) it would be most likely that it may open near or past its target if the mini s&p stays at these levels

 

[Bill]

Thanks NB.

I suppose it's obvious if I'd thought about it more. The target is met in the futures price at the apex of the triangle, maybe around 9:15. Beyond that news, results, economic data will influence tomorrows open.
Knowing that the price target was after the close then I suppose there was a case for trading the SB future price rather than the daily cash...hmmm

Bill

 

[ChartMan]

Now we've got somthing that's not shown up for a while...... It's where a top develops with three ( or four) distinct rates of change in the down trend slope. So far, we have three. To get a fourth, we would literally have to go into free fall, but not impossible. With recent volatility, that would put us around 9200 pretty quickly. Yes, I know there's divergence, but don't count on it..just yet. It could take two or three days to deliver. On the other hand , it could just be a correction. This is where the slope stays the same, but the tram lines move down a notch, but stay parallel. Now you have the new support line....and resistance line, keeping the same width. Take care.

 

[ChartMan]

I disagree about the triangle target. I make it 9310. I believe the mouth should always be measured from the "widest inside points". This is the vertical line taken from the peak at 9460 to the intersection of the support line- this gives us 85 points. The better analysis is taken fron the bear flag ( not a clean example). This gives us a target of 9360. The rest of the day defies description, except the bottom at the magic 64, from the expanding triangle target of 9380.
Spot the failed Inv. H&S and the mini bull flag burried in the Bear Flag....

 

[reddragon]

Dow for Fri 26 Sept

Hi all,
On 6th August the Dow bounced off the 50 day ema, at the
close yesterday the 50 day ema stood a @ 9355. Using CM's
+/- 20 pts either side of the ema is there a possibility of a
bounce before a further drop today, or will the fall stop at the
50 day ema?.
Reddragon.

I'm a novice - don't follow me.

 

[ChartMan]

More divergence and a stronger looking tripple bottom should see us back up next week.

 

[ChartMan]

Just a quicky to finish the week. Narrow range made trading a profit almost impossible with 50 point movements. A day well left alone and little to talk about.

 

[china white]

rubbish day I agree.... my only trades were 1) buying the first-hour low on ES when it got re-tested (about 4 pts) and 2) selling ND at about 11:30 (another 4.25 in the bag). First trade was justified by 15-min Volume MA topping and reversing, 2nd was a risky gamble as we cud easily have a closing rally. We'll have to wait until next week I spse. Merry weekend to everyone!

 

[TJUK]

God,

LOL , you all sound like mathematical professors the way you talk...

I understood bits about head and shoulders(dont use in much in the UK burns my head!)..

Seroiusly though, one day I hope to be able to , not only understand it but work with it..

Oh well back to murphys TA book...

Cheers

Terry

 

[oatman]

Chartman, is that a flag or a wedge we just saw break down?

 

[ChartMan]

Easy after the event, but a bull flag failure.

 

[oatman]

Not after the event at all. it was very watchable as it evolved, if that's the right expression Plenty of time to get on it.