July 16, 2010

Dow Jones Futures before opening bell

UPDATED CHART
  • RIGHT NOW TRADING BELOW THE SUPPORT LINE.
  • DAILY CANDLE CLOSE BELOW THIS LINE SHOULD GIVE GREAT JOY FOR THE BEARS.
  • Dow Jones Futures 4 hour chart
  • The index tried to go above 10360 area but faced resistance and came down.
  • Now any upside targets are possible only on a strong break of this level.
  • DOW JONES ANALYSIS AFTER CLOSING BELL

3 comments:

  1. hmm can this be considered a broadening top? =/ or is it an ascending triangle which will break up to the top side eventually?

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  2. @looker
    It turned out to be another bearish broadening pattern

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  3. The Euro bounced down off my unorthodox Fib 61, see charts on Hawaii Trading

    My prediction of "Dine in Hell" from Wednesday night, came true. note the "Devil Pattern" which is essentially the same as Trader Steve pointed out twice, this same week.

    http://oahutrading.blogspot.com/2010/07/dine-in-hell-or-get-pounded-by.html

    ES appears to have mostly decoupled from the Euro, and the bond and US FX markets are just acting kind of weird. Flight to safety or flight to inflationary monetary practices?

    When the old school practices of safe haven are tried, and a Gila Monster is lurking therein --- perhaps then the real panic starts.


    ES did a nice backtest on the 100% channel of the PRS 133. Unfortunately unless you were trading late Thursday, uh, I was doing drywall....ouch. But was 50% in on a short futures, so that was nice.

    This is expiry, so Monday and Tuesday next week can definitely see some big moves. I will remain 50% short.

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