The DOW this week 08/04 12/04

ChartMan

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Poor start to the week and only as a result of one piece of bad news. A salutory reminder of the perils of holding overnight, no matter how rosy the picture looks. None the less, there was a great recovery, finishing strong and very close to HOD and just 23 points down on the day. No guessing tomorrow's action bar a contiued recovery from today's drop.....
100MA :10,232. Support:10,232,200,180,168. Resistance:10,250,270,300,320.
 

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Mmmm. Not what I had in mind. 300 seems to be a tough nut to crack. After a promising start again,the Dow was unable to overcome 300 having tested it twice, falling steadily to close another 40 points down. I'm still confident it will go....
100MA: 244. Support: 10,200,184,168,138. Resistance:10,232,264,300,320.
 

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And go it did :) Not once but twice...Straight out of the blocks for a nice 130 point rise to test 332 at 340.The H&S target held for a while at 317 but finally gave in to form an expanding triangle...which finally broke to the upside, testing 332 again dithering around 340/320 before finally breaking away after a couple of false starts. Target was finally made at 370, before moving on to HOD at 392, ( having tested 332 support just for good measure) closing 11 off that at 381.Good day, strong finish and more to come, with my target ( last Friday) looking a distict possibility at 450. Thanks IBM for putting a spanner in the works.
As it happens, the triangle break that MAY have happened from Friday's TA has the same result as today's triangle formation breakout- both have the same target of 450 ish.
100MA 10,289. Support: 10,364,332,316,300,284. Resistance: 10,400,428,450,500.
 

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Not a good day for the predicted rise to 450, but never mind... There were 2 things that I should have paid more attention to that may have dampened my enthusism.One was the 4 slope change that seemed too small to be effective, the other was the deviation from the regression line- I chose to ignore the fact that it was getting too big....Slap on the wrists! At one point there was a bounce of slope1 support at 250 , but that was short lived. Confirmation of the failure was a few minutes later at 5:45 when slope1 uptrend failed and was immediately tested for resistance. That also confirmed the H&S top and a target of 220 that was met, finally closing at 176. A 230 drop in 1 day is substantial so is it a case of too much too quick ?
100 MA: 10,262. Support: 10,164,132 etc....Resistance: 10,184,216,250,300.
 

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At least we didn't tank. Consolidating at 170 ish, with TA in uptrend off the base lines. Stuck in a trading channel of 50 points, we should see some positive action Monday. If we are to pull out of this, 170 has to hold....Regression at 10,200, with room underneath...
100MA: 10,223. Support: 10,170,140,100. Resistance: 10,180,200,232,264,300.
 

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