DOW Update

ChartMan

Legendary member
5,580 46
Bit short of time tonight....putting coving up...
Main point today was the confirmation of the suggested new trend line, arrowed.Although we finished some 37 down, the trend is now more realistic, amd still above the 100MA. A quick retest of 9400 again and then a dive to 9330, a bounce and drop to 9310 and closing at 9340. 9360 has to be seen as local resistance now.
9450 never got seen,although 9425 was a respectable attempt. We did however get to my suggested retrace of 9300(9312) and I suggest that bounced squarely off the new trend line. Another shallower trend line exists as does the possibility of a head and shoulders formation....Coupled with the neg. divergence on CCI, the outlook has to be down BUT there is positive confirmation on RSI so the picture is not clear....Critical pivot is probably around 9300...
 

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