The DOW this week 03/06 - 07/06

ChartMan

Legendary member
5,580 46
What can I say other than a great couple of days for the shorters. Yesterday, in a matter of a couple of minutes, the dow tanked without warning from 9836 to 9700 ish. Today saw the continuation to 9600 before recovering.Phase has made an Inv. Head & Shoulders that I would expect to deliver...That would take us back to the 9800 area.
100 MA:9764. Support: 9664,9632,9600. Resistance:9700,9732,9800.
 

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ChartMan

Legendary member
5,580 46
The Inv. Head and shoulders did perform, and we did make 9800 :) It took a long time though, spending most of the day thinking about it, consolidating between 9730 and 9760. Those that had the patience to wait (Weez for one) were duly rewarded. Tomorrow, we may see a pullback to support around 9764 and then away...BUT passing 9800 will be the crunch.
100MA: 9754. Support: 9764,9732,9707. Resistance: 9800,9832,9864,9900.
 

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ChartMan

Legendary member
5,580 46
Well we didn't pass 9800, or go for that matter. Just a slippery slope all the way down to 9600 with a flutter of a rally at the end. There were glimmers of hope at odd times during the day, but all failed. For once , I have seen after hours and the DOW went to 9510 or so... last I saw was 9538. From here, It needs a miracle to go upside. The downside looks like a bottomless pit. :) I got my bear hat on.....Brief support around 9400 then 9000 . TA suggests good PD on CCI and Phase. This is a real test of faith...Damned if you do, and damned if you dont. Who would not go long on a tripple bottom at 9600?
 

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ChartMan

Legendary member
5,580 46
Well a sort of recovery play I guess, dropping to 9475 soon after the open, followed by a slow and steady recovery for most of the day. A brief excursion above 9600 was short lived , followed by a decline into the close to finish at 9589. Mixed TA signals give no clear indication of direction.....But CCI is at the top of a down channel so it would be prudent to look at more downside I guess.The price has also started to make a 3rd slope change...
100MA: 9625. Support: 9572,9540,9500, 9475. Resistance: 9600, 9632,9680,9700.
 

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