Dow Intraday charts 24/11 - 28/11

tradesmart

Experienced member
1,286 22
I see that the futs have headed north backing off at the upper trendline at 9690 - breakout today?!

According to the historical statistics, Thanksgiving week is very often 'up'........

But the progression this year has generally bucked the trend, so I'm not totally convinced..........! :confused:
 

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sidinuk

Established member
624 5
I did warn about the potential for whipsaws on Friday due to options expiry.

Moving to today. Monday's are very often trend days. Also narrow range days (like Friday) are often followed by a range expansion.

One warning against the good trend day is that the market looks to be gapping up and normally a nice trend day begins very quietly with a narrow opening range.

As tradesmart has identified, thanksgiving week is normally up so maybe the gap is as a result of anticipating that. If so we could see a 'pop and drop'.
 

One Eyed Shark

Well-known member
257 13
If there ever was a day that confirmed CM's magic 32 as S/R surely this is it.

Are there any clues in RSI/CCI to suggest which way this will break ? as I see them they are coming off very overbought conditions to provide ND, is this relable ?
 

mombasa

Established member
561 1
well, we've had the 3ND divergence and it is slowly dropping - hugging the 32 and 100MA at the mo - but RSI / Price ratios look weak - dunno - maybe stuck in a range till EOD - wait for a clear 100MA break - I reckon.
 

mombasa

Established member
561 1
i'm bored - gone short at 9730 with stop at 9743 - think I can see a triangle but not 100% certain.
 

tradesmart

Experienced member
1,286 22
This looks quite strong to me with 20ish points pullback with RSI bottoming out at 25 on the 1min chart.

Went long at breakout of upper trendline at 9690 and still holding.

Will take a view when the evening move happens - I've seen it strike north or tank in this scenario........ :confused:
 

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One Eyed Shark

Well-known member
257 13
M.

Clear ( though small )bullish triangle printing on futures (YM ) from 17:20 which would give a target on the cash index c9740
 

mombasa

Established member
561 1
Tradesmart, oes - my short's going really well then - NOT !

ooh hang on - might just be able to close at even - damn missed it as i was typing.

nope - closed for +1 :)

looks too strong to stay short ......

will wait for a while.
 

tradesmart

Experienced member
1,286 22
Mombasa - I operate a 'break-even/minimal profit' rule myself; always preferable to any sort of loss.............

seems to be a triangle shaping-up now, the implications of which will soon be clear........ :?:

edit:- 9720ish has been a solid S/R level before.......
 

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lockstock

Well-known member
400 4
Looks like the bulls have it back mi thinks- probably going nowhere tonight, consolidation at the highs.( Ha! Get ready to short)

Resistance @ 9750 - top of wide trading channel


Testing out prorealtime.com ( free realtime indicies for a week) not bad software neither ;)
 

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tradesmart

Experienced member
1,286 22
Hi LS - prorealtime looks interesting, I'll check it out!

Looking to close long shortly, I'll hang on for a mo - 9745ish looks to be the top for today (then see it fly to 9770!!!!!!!) :mad:

Regards
 

ChartMan

Legendary member
5,580 46
Well read Momba. Seems to be no clues for a break one way or the other. Next week, I'll try and open up the thread early so that opening comments get put in the right week...... Maybe Sharky or Ftse will transfer today's comments onto this week's thread. It'll take me a week to figure out how to do it. :( :mad: :(
 
 
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