The DOW this week 12/08 16/08

ChartMan

Legendary member
5,580 46
Tricky day, but a reasonable recovery from the futures drop over the weekend. Phase looking good as is RSI and CCI. Phase at the bottom of an up trend, so there's plenty of room for up-side. 8650 looks to be a solid support level, but a breakout will need to push through 8750 to move on up significantly. A second slope change in price support could help here too.
 

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ChartMan

Legendary member
5,580 46
Looks like Mr Greeny really put the boot it. Still, we're sitting on uptrend support.For now.Otherwise 8400 then 8256.Phase uptrend well and truly shot to pieces.
 

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ChartMan

Legendary member
5,580 46
Nice to get a recovery play and see that common sense has finally prevailed. There really was no reason for the Dow to get hammered testerday like it did. I did have my doubts earlier on this afternoon but was able to see the PD building up along the base line.The triangle finally broke out and the dow must have taken some Viagra. :)
Now I'm puzzled again. There were a lot of people that were trying to short all over the place, and I must say, I cant blame them. The thing is, TA was weak all the way up and certainly looked a short at every peak. ( 1 min chart). The 10 min chart doesn't reflect this. Phase has now reverted to " as you were" and is just below mid channel, giving room for more upside. This chart now shows a bull wedge/triangle that has a target of 9700, a target I suggested a week ago from the " long term dow" thread. This now looks realistic again. We still have to break through the 8750/75 though, but when (and if) it does.......
 

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ChartMan

Legendary member
5,580 46
We closed above 8750 breakout but failed to make progress. Yhis, I think , was due to the not so good news early in the session.Still, it remains on target, and now we see a bull flag developed today that has a target of 9175/200, putting us on course for 9750. Friday has of recent times been a great trading day and if tomorrow is one of them, I know where we are going. No guarantees, trade what you see but if you see "up" go with it and cash in. Dont forget that TA weakness does not mean DOWN in a market that wants up at any cost......
 

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ChartMan

Legendary member
5,580 46
Looks like we didn't go there :). A day of wandering around and consolidation. RIZ will give his view on VIX , it has turned....The bull triangle has formed at the top and intraday has had a day of rising support. But, Phase is now strongly divergent, as in the two previous recent tops, so we could be heading for uptrend support for a test at around 8500. Sure, we made higher highs today, just, but it was not confirmed by TA.
Not one of those excellent Fridays....
 

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