Dow Jones futures hour chart is showing negative divergence.
One should take a close look at the channel that has developed in hour chart. Channel break can give good direction today.
I would like to see a down side break because of the negative divergence that is developing. But one should wait for the breakout of the channel to enter the trade today.
Daily chart is entering the zone of 10230 - 10350. If you see towards the left side of the chart you will notice price hanging around this region for quite some time before taking the next direction. So above 10350 it will positive. Below 10230 correction can happen.
3rd Chart is the weekly chart. Price is trading below 50 and 20 week moving average.
Today's momentum and the way the index closed may take the index above these weekly moving averages.
One more important thing is the pending negative cross in the weekly chart of 20 week ma below 50 week ma.. So even if the price moves above these MA the high may be limited to 10500 - 10600 area.
The 2nd chart is the daily chart, price has closed above 50 DMA. But just below 20 DMA. If index has good momentum in the following day's 20 DMA may move away from 50 DMA so that the negative cross in daily chart does not happen.
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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis." —Jesse Livermore