The DOW this week 06/05 - 010/05

[ChartMan]

Well I guess a 12 point move is mathematically a "move to the upside" but not quite what I had in mind. 🙁
All in all an excellent day for the Bears.Apart from the micro rally at the open, the rest of the day was spent under the 100MA on the 1 min chart with not th slightest whiff of any reversal, save a pathetic 25 point reversal around tea time to 9985. In the same way that when the DOW is strong, low values of RSI and CCI can't drag the price down ( last week), today showed the opposite whereby strength ( rsi 70 cci 100 ) could only move the index up 25 points. Taking the pullback at 9860 / 9870 as being a halfway indicator, that leaves us looking at a target tomorrow of 9780 and probably more than that. The one plus point is the clear 3 slope change on the 1 min chart that may signal upside tomorrow...We'll see.
100MA: 9969. Support: 9750, 9600....Resistance: 9834,9864,9932,9950.

 

[ChartMan]

Well, upside and downside to close up 30 odd points on the day. Another strange day today with mixed feelings.A nice triangle on the opening hour or so, that eventually made target after a bit of a hic-up mid stream....Then on to a top , with a 3pk ND at 9915, with a final no hope peak at 9916. This quickly turned from an uptrend support situation to a downtrend resistance bounce when there was another attempt at 9909, finally tanking to 9823 before a blip into the close.
Could the 4 bottoms at 9810/20 be strong enough to force a new uptrend, or will this strange H&S signal more downside? If 9800 goes, there is a long way down.The extrapolated downtrend support line is at 9700.....
100MA:9917. Support: 9810, 9750.... Resistance:9834,9864,9932,9950

 

[Riz]

Well cisco beat the street, that should certainly help the bottoms, looks like a +ve day tommorrow..

NEW YORK (CNN/Money) - Cisco Systems Inc. Tuesday logged a fiscal third-quarter profit that improved over the same period last year and beat Wall Street's consensus estimate.

Riz

 

[ChartMan]

So... The 4 bottoms got the verdict! 150 points gap up on open and another 150 odd added to the trading to make 300+ today and almost no down, bar the inevitable lunchtime sag.The close was just 7 points off HOD at 10,141.Clear breakout from the downtrend resistance line and support re-establised at 10,100 horizontal support. I'm in two minds as to whether "too much too quick" applies....ignoring the gap, it was certainly an orderly day with a150 point gain and no major slope changes. As an entity, 300+ is too much. I'll go with the former and look for a drop to 100 and off again.
100MA: 10,017. Support: 10,132, 10,100,10,032, 10K. Resistance: 10,150,164,200,232.

 

[ChartMan]

It dropped to 100, briefly, but in the end it didn't stop there. A quick blip and up to 144 and it was all over. The rest of the day was basically downhill all the way with the only excitement coming from the anthrax news....There is no reason not to expect a further fall...apart from the continued uptrend support line on phase which has not been broken.Ignoring the news glitch, today would have closed 10 points off LOD. As it was we closed 20 off at 10,037.
100MA 10,047. Support: 10,032,10k, 9964. Resistance:10,064,10,100,10,144.

 

[ChartMan]

The down trend continued, heading towards completely closing the gap....mainly just slowly slipping down just under the 100MA with only a couple of brief excursions during the day. Interesting? I'm afraid not. Good to be short all day though.Support may be found on the uptrend support line at 9932, just below the regression line.....

100MA :10,014. Support: 9932,9900,9832,9800. Resistance:9950,10K;10,032;10,064