Dow Update....

ChartMan

Legendary member
5,580 46
On Friday , I suggested up,and I guess +6 is up....I also suggested the rise was losing its strength.The dow always seems to retrace after an exceptionally fast rise which it did Friday, and thus it dutifully retraced today, back to follow the 100MA trend. After the rapid drop back to 9250 and normality, there was an orderly rise to the day, bouncing three times off the 100MA. RSI and CCI are looking good for a nice push up tomorrow but ,equally, it could fall over but I doubt it.I still see 9400/500 as the target. The 10 min stochastics are just about at 100, and could stay there for at least two days. Look for negative divergence on Velocity/CCI to call the top on this one, which is not too far away.Velocity in the range 12-16 and CCI at 180-200 level for the peaks...If you are an RSI watcher, then around 70 or MACD around 80. All of the recent major peaks have been easy to call, having had good negative divergences each time.
Alternatively, a drop below the 21MA on a 10 min chart should do the trick as well.
 

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