Dow Intraday charts 26/Apr - 30/Apr

ChartMan

Legendary member
5,580 46
More sideways ish continuation of prior channel...
 

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ChartMan

Legendary member
5,580 46
Still nicely in channel, is that divergence setting in?
 

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ChartMan

Legendary member
5,580 46
Today's intraday.
 

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bgold

Established member
532 5
Some observations from the 60min YM chart :

1. Lows of today and 20apr can be connected with lows on 24march! (bullish triangle?),
2. Todays trading held just above the 75% retracement of apr 21-27th rally,
while
3. yesterdays' highs were more than 75% retracement of initial April decline

Meanwhile, the 10min charts clearly show many positive divergences on momentum indicators (ROC, RSI, MOM, MACD ?).

Bears have been BBQ'ing again but Bulls have not yet given up! Charts seem to indicate (at least to me) that there might be good (last) support at these levels (just below YM=10300). Those levels should, however, not be breached decisively)

CM, I would be interested to hear your view on current state of affairs. i still enjoy your charts. Shame that the following has dried up a little.

Mombasa, Tradesmart e.a. where have you gone?
 

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ChartMan

Legendary member
5,580 46
Yes,I agree with your take on things... MomBasa has gone to Mombasa and TS sank , along with the Isle of Man last month... :cheesy:
 

mombasa

Established member
561 1
Bgold - still here, but too busy at work to do any trading or comment etc - one of the reasons I'm looking at trading 5/10 min.

Also, have to make time to catch up with the summaries :(

Hopefully, things will ease up soon and back to normal ....
 

mombasa

Established member
561 1
looks like yesterday was a trending day and one to avoid using momentum indicator and divergences on to pick a bottom - just sell the pullbacks as per China's way.

Went long last night on the futures on 10 min RSI & MACD PD tho ....
 

tradesmart

Experienced member
1,286 22
Not sinking just yet chaps........! :cheesy: (unlike the markets :( )

Just wish that I'd held my short from 530 on Tuesday - these markets certainly appear to tank a lot quicker than they rise....

also looking for the edit button on my Dow Comp entry..... ;)

The 'Dow Theory of Parallel Trend Lines' (did I just make that up?!) seems to be holding good for now......

I guess that the question for today is "will 320 hold?".....we'll see soon....!
 

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tradesmart

Experienced member
1,286 22
Parallelism in a different time-frame..........is there anything in it?......views welcome!

ps - thanks to One Eyed Shark, originator of the 'Shark Channel' months ago for starting the ball rolling in this 'parallel' direction...
 

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bgold

Established member
532 5
Classic bullflag patterns on all major indices! Don't flags fly halfmast? That's at least another 70-80pts on the YM targetting 10470!
 
 
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