Dow Intraday charts 28/05 - 01/06

ChartMan

Legendary member
5,580 46
Dow Intraday charts 28/05 - 31/05

Great day for the bears. Well done Skim and the others who milked it dry. :) The failed Inv. H&S at 9967 confirmed continuation of down trend, leading to a second bottom at 9967.Then a drift up to test and fail 10K with a H&S top that performed, and another test at 9967 to give a tripple bottom.Small rally into the close, giving a distinct SR switch. Will this be confiirmation of more down? The rise to 10,016 on RSI 72 and CCI 216 meant there was no desire to push up as it should have done with these values, but normal in a down trend.Then again , RSI 17 and CCI -213 should have made it tank , but it didn't. So we're in balance.....Phase on 1 min shows good positive divergence,and the tripple bottom may mean up tomorrow...we need to break 10K and stay for that...
 

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ChartMan

Legendary member
5,580 46
What an aweful day to try and trade. The day was spent winding in and out of the 100 MA, culminating in a symetrical "continuation" triangle, that performed and broke to the downside just before the close.This ties in with the 10 Min chart suggesting an H&S top with a target of 9750....So maybe tomorrow will open up for the bears, so long as it doesn't "gap down" before the open and spoil a great opportunity. Not really any chance for the 7 o'clock brigade to get anything out of this evening, except a good whipsawing ......Looks like the only thing that worked today was the triangle and I get the feeling that the only way to benifit from that would be to have an overnight hold...
 

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ChartMan

Legendary member
5,580 46
Well, an overnight hold on an obvious short would have netted 80 odd points. A good trading day today with some decent swings. No real clues anywhere for direction changes or tops/bottoms...excepting the Fib. Queen maybe :)
One clue for the bottom was the 4 slope change, ending at 9804. The first rally off the initial drop kissed the old support line that then became resistance at 9942 so I guess the clues were there...trading the rally from the bottom at 9804 was tricky, but the price stayed broadly above the 100MA+20 and rising at the same rate as the 100 MA line. At one point, it looked like it would close in positive territory, but failed to go beyond 9932...
 

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ChartMan

Legendary member
5,580 46
Continuation of the uptrend and 3 tests of the break at 10K, giving 3 pk PD. That would have got you out 20 points off the top. A dip and fly, touching the 100MA, followed by a double top at 38 and that was the end of 10K. Then a straight drop to the close at 25 ish,( 50% retrace from the top), all well under the 100 MA.Some people exited at the big pullback at 50, understandably, losing just another 20 into the close. Better safe than sorry....
A bounce off here monday would be nice for more up....but we did close below the critical 9940 mentioned yesterday.
 

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