The DOW this week 05/08 09/08

ChartMan

Legendary member
5,580 46
8200 gone....straight slide down from open to close. Will 8000 hold? Phase level all day so could be.
 

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ChartMan

Legendary member
5,580 46
Good old Phase.... 8K held (68%) and we flew to 8400, finally retracing to settle just below the 38% at 8287. I rekon Phase is sitting just below 50% so room for more upside. Support at 8145 (50%) and 38%. Past experience shows that 50% doesn't hold intraday. Futs at 8296 ( 10:10). Should be an interesting day tomorrow, looking for support.
 

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ChartMan

Legendary member
5,580 46
It was an interesting day. The 38% was lost,temporarily, but recovered to end close to the 23% at 8467.Crunch for tomorrow is breaking or otherwise the 23% Fib point at 8467.This we have to do to move on up.Phase is not confirming today's move though.... even though RSi and CCI appeared to finish strongly. 8300 looks to be the crunch support to prevent a drop.
 

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ChartMan

Legendary member
5,580 46
Great day for the bulls. Futs opened up strong and we never looked back, bar the small pullback just after the open that bounced off support at 8436.Phase is at the top of the channel and RSI and CCI continued their strength. Maybe we're going to run out of steam when we come to test the top at 8750. Interesting point is the bull triangle being formed by RSI with the rate change in the support slope. If this doesn't break out, It'll likely drop like a stone. 8500 looks like good support now.That seems a long way off, but will still be above the 23% of 8467. A pull back to here wouldn't do any harm. :)
 

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ChartMan

Legendary member
5,580 46
Could be onwards and upwards, but there is clear ND in Phase, RSI and CCI. Altough we made a higher high today, It's not confirmed by TA.Time for a pullback to 8640 area/100MA......
 

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