DOW

Don't know why but MS shows short term downtrend at 13307(today)nearly crossing with long uptrend today

Yep, I see plenty of resistance in the 13296 to 13340 area too. The hourly chart already has bearish RSI and MACD divergences but they can't be totally relied upon. Here are the 3 levels of resistance on a daily chart - they are the horizontal resistance at 13296, the short term downtrend at 13344 (today) and the previous uptrend from the 10404 low which is at 13314 (today):



dl.dropbox.com/u/20815047/Dowdaily11_12_12.gif

Dow has already started its christmas rally a while back now.
Its approaching some stiff resistance so will be interesting to see how it does.
The obv is rising pretty quickly so signs of volume behind the moves.
For real strength to come the dow has to finish above 13336.
Is this creating a big right shoulder i mentioned a while back?????



DYOR

WaveSurfer wrote: lots of resistance now... 13148 & esp 13168, until these level are taken out and close abv Dow cannot go higher, if it does 13300 here we come...unitl then markets will chop, chop chop and certainly wont go any higher. i also expect shorts to come in at these level and i rather wait than follow the mass .

WaveSurfer wrote: dl.dropbox.com/u/40497882/dow_07DEC.JPG

WaveSurfer wrote: 2 pips from my target in futures market, let see what happens in the real market, taken some positions off and locked in

lots of resistance now... 13148 & esp 13168, until these level are taken out and close abv Dow cannot go higher, if it does 13300 here we come...unitl then markets will chop, chop chop and certainly wont go any higher. i also expect shorts to come in at these level and i rather wait than follow the mass .

WaveSurfer wrote: dl.dropbox.com/u/40497882/dow_07DEC.JPG

WaveSurfer wrote: 2 pips from my target in futures market, let see what happens in the real market, taken some positions off and locked in

dl.dropbox.com/u/40497882/dow_07DEC.JPG

WaveSurfer wrote: 2 pips from my target in futures market, let see what happens in the real market, taken some positions off and locked in