DOW Outlook daily chart

ChartMan

Legendary member
5,580 46
We closed today right on the 23% Fib. retracement line from the mid March high to the base at 10,115. The down route followed the fib lines very closely. We can expect to see resistance at the "round 500" then 618 and 774 (50%),the 62% mark or 10,930 being an upper limit. There will/should be major resistance at 10,775 mark, being both a major horizontal support/resistance line as well as the 50% retracement value.Failure to continue the breakout and establish a new up-trend, will lead to support at 240 and 115.
Note the ("inverted") double bottom support on TRIN with accompanying trend break over the last few days.Note also ROC, which has significance as it passes through the zero value, and the rate at which it passes.(look at mid March to May.) Note also how ROC gave an indication of the end of the trend with negative divergence during early May.
 

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buybelgian

Newbie
7 0
Hello Chartman... nice follow up.
A question to you and anyone else.. so what you think the outlook will be. Since the crisis it has been so hard to define which direction.
I hope we get some good replies.
 
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