The indices are testing key levels.....will they hold or fail???.....don't ask me....i don't have a clue....but we the market itself will tell us.
3 charts here....showing the key levels...
dow - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...BF07MHu4eW8UKWAhHhE=
tested and closed 2 points below the 200 day ema line....will it hold? or fail?
We will find out soon enough....
ftse - weekly
uk.advfn.com/p.php?pid=chartscreenshotsh...Nh2Z/Mj67cA3CQ1VnGA=
200 day ema line feature on the weekly chart tested and held....also a pivot level around that 6875 area....
dax - weekly.
uk.advfn.com/p.php?pid=chartscreenshotsh...bb65QyGDIfFbOJ5Jc%3D
key pivot level on the weekly chart...
So will the markets hold and rally.....or fail and dump...
i don't know!....let the market will tell us...we have the key numbers....will they hold??
I have been bearish on these market since the end of Jan.....calling for a substantial move down....and the market has shown i was justified to hold that view....
Now i think short term rally before new dump....so chop, chop...pump and dump...
however, i think only short now if the key numbers get taken out DURING market hours...
ftse - 6873...
dow - 23535
dax - 11825
we need 3 x close or end of week close before being sure the next leg lower is underway.....in the mean time do not fall in live with the downside.....atm....
At the same time this down move may well just be getting underway imvho..
so short term rally then....dump again...
Just one more thing to look out for, and open on Monday below those key levels, would mean a weekly gap....which are very rare...and confirm the downside is still on....while they remain unfilled...
hope that's useful...
atb, wdik, dyor,
trendfriend
p.s for the dow watch 24110.....could be the new 25,000.............if you know what i mean...
