Dow Update

ChartMan

Legendary member
5,580 46
Continued good performance today, closing up 36.The up trend is still closely following the 100MA. There is the possibility of a bull triangle forming, which would not be unreasonable, leading to a target of 9600.Other indicators ( RSI and CCI) also suggest a further 200 points from the close.
Horizontal support and uptrend support are now both at 9330 ish.
Minor support at 9360, 9250 and 9200. 9300 seems to have been bypassed somewhat, although it did bounce off that point 4 times today (intraday) giving excellent long entry points off the bounces.These were at 9300, 9288 and 9304. Throughout that range there was accompanying positive divergence( in both1 min and 5 min frames), adding to the "long confidence".Perhaps the only "frightener" was the quick drop to 9317 from 9260.
Anyone astute enough, brave enough, and mad enough could have scraped 200 odd points today.....I got 34 in total, and had loads of fun. :)
Tomorrow will probably follow today and the day before : a rapid drop to support , either at the 100MA (9320) or the support value of 9330. Both the same really in practical terms.
 

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