Dow Intraday charts 26/08 - 27/08

ChartMan

Legendary member
5,580 46
Dow Intraday charts 26/08 - 30/08

Nice easy day today...Down, then up. :)
A drop from the off into a PD bottom at 8750 giving a quick 150 odd points. Exactly what the Bear Flag suggested as a target on Friday ( 8730). Then a reversal into some whipsawing around the 100 MA- up and down 25 or so points, before finally heading for the upside with a pullback above the 100 MA.This gave a chance to take another 150 points. Another 50 points up on the day.
 

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ChartMan

Legendary member
5,580 46
Tricky day with news thrown in for good measure to upset the apple cart. At first , it looked like the Inv. H&S from yesterday was going to follow through, but an hour in and we were back to testing the support at 8950 that promptly tanked on the bad news figures.After due consideration, it recovered back to resistance and then failed, to slide all the way down into the close, save the bounce of 8788 to rally into the close.That has produced an Inv. H&S and an RS switch on RSI and CCI, but performing tomorrow is another matter.The prior days bottom at 8759 is close enough to 38% retrace (8744) to be able to provide a good bounce point and a double bottom......
 

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ChartMan

Legendary member
5,580 46
Yesterday's Inv. H&S failed immediately, followed by the loss of key support at 38%, later to become resistance that was tested twice later in the day. Today's bottom touched right on 50% retrace and the Dow is not known for playing around the 50% mark, suggesting a climb back to 38% 8744 or a further drop to 68%, 8550. 8600 should hold before that..... Good PD at the close, and closing just above the 100MA may lead to upside tomorrow. At the end of the day, the market will decide....
Good trading opportunities today playing the 100MA with minimal whipsaws
 

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ChartMan

Legendary member
5,580 46
Another reasonable trading day off the 100 mA. Support was found at the 68% retrace (from the 10 min charts) giving the best part of a 200 point rise before the inevitable pullback. Closed down just 23 and maybe we will get a good day tomorrow. Haven't had a good Friday for a while now.....
 

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ChartMan

Legendary member
5,580 46
Quite a volatile day and good trading off the 100MA with minimum whipsawing. The final tank of the day was to be expected and was preceded by the ND top that developed over a period of
almost two hours.
Interestingly, there has really been nothing in the way of clear cut TA trading over the last two weeks or so..... Is this a sign of the market having no clear idea on direction?
 

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