Where is the Dow & others heading in 2005?

[FetteredChinos]

still short from 10810 and 10827 the other day.. been a bit hairy for a while earlier.


bloody greasepan misunderstood my instructions...

 

[FetteredChinos]

anyone up for a close below 10770???


reckon we will hit 10720 before friday IMHO.

 

[FetteredChinos]

whoopmh, and there we go below 10800..

reckon it might be time to start selling bounces..

we could well have the top for the year in now.

 

[FetteredChinos]

weeeeeeee

 

[tradesmart]

reckon it might be time to start selling bounces

and even buying bounces........?

It's making a triangle imho so you can benefit if you're quick enough, or get whipsawed either way.....

I'm not holding an ongoing position until the impasse is resolved.....

whipsaw...... whipsaw.........

ps -20.19 - inv H&S alert (just thinkin' out loud...... )

 

[FetteredChinos]

bounce down off the 100ema.. CM would be liking this..

also hidden divergance on the stochs implies that this is just a pause for breath...

 

[counter_violent]

Plenty of room for down ( 10,000 odd of em ) anyone seen user ? he can't have retired on that short last week !!!!! can he ?

 

[User]

No No I'm still here not retired yet!

I've just started! At 20 years of age I'd be the youngest person to retire! Need the markets to give me a little more money and then maybe I'll retire at 25. I hope!

Been extremely busy this week so haven't had time to update.

Anyway today’s action didn’t seem too good to me. Tomorrow’s action should be flat as traders will be waiting for the big figure out on Friday. I don’t expect a close at new highs for Thursday’s session.

We could well see a solid decline on Friday and that would show up as a triple top on the daily charts.

Good luck all.

 

[FetteredChinos]

roger that one User..

however, there is an ascending support line that is in the region of 10780-10790 at the moment.. if successfully retested that late on yesterday, but the cycles point to a big down coming up, and i fear it may be today. if 10780/90 goes with force, then hold onto your hats, gloves and scarves.

 

[affirmer]

What happened to the bullish sentiment following the inverse head and shoulders? Are we expecting a pullback to10700ish before a big bounce or is there some technical reason why something has happened to counter act the H&S. ChartMan we need you!!

 

[User]

Whats the plan for today guys?

Is everyone taken the day off in anticipation for Job No.?

Seems like people are sleeping!

 

[User]

Seems like we have some resistance at 10850. Lets see if it breaks out from that or will it fall down to 10800?

 

[User]

Its certainly having an intraday battle with it! (10850)

 

[peterpr]

Seems like we have some resistance at 10850. Lets see if it breaks out from that or will it fall down to 10800?

I'd put it a bit stronger than that. I've counted thirteen trading days to date - eight in the past twelve, where the 10855 level has been broken intraday, but no close above. That's some resistance. If it gives then it should explode upwards.

Not convinced it will myself though. Could see an enormous spike I guess but tomorrows NF payroll number will have to be pretty special to overcome a big overhang of gathering gloomy insider sentiment on anything other than a very short term view - IMHO of course.

 

[FetteredChinos]

down we go for the next few months

10500 this month?

 

[FetteredChinos]

nasty spike up.. yet again rejected at 10870.. how many times now??

 

[User]

I'd put it a bit stronger than that. I've counted thirteen trading days to date - eight in the past twelve, where the 10855 level has been broken intraday, but no close above. That's some resistance. If it gives then it should explode upwards.

I believe the longer we fail resistance the greater chance of a good decline. You said you counted 13. In my opinion thats bad news.

I agree with FC:

down we go for the next few months

nasty spike up.. yet again rejected at 10870.. how many times now??

The longer it takes the greater the chance of a big move down.

So far its hit 10850-70 region again and pulled back. Don't think it will close above it today. Friday should be interesting

 

[FetteredChinos]

nasdaq is down 0.8% or so.

Dow currently level..

interesting to see if the QQQ recovery will spear the dow upwards, or if the dow will eventually follow on the way dow

 

[FetteredChinos]

you know, i should do this more often.. everytime i post we get a spike..

one day they will all go in the right direction

 

[FetteredChinos]

10780 is looking incredibly crucial for the bulls , and then 10750.. if the latter goes, then that should be the confirmation of the quintuple top...