DOW

Jackozy wrote:
Got to be careful though.

Careful as a mouse, me.

A nice little relief rally (started with that big ol' candle at 8:45pm last night - The Fed maybe? I know, i.e. fact, they have currency & bond traders, but not sure about equities?) also, no circuit breakers at the end of a session, so this could have been a work-around. In any case... nice rally to scalp (hit and run, hit and run).

I've been watching the 5 min futures chart on and off over the last few weeks. If you're looking to scalp, you can see that short term 5 min trendlines hold farily frequently in the direction of the hourly trend.

Horizontal breakouts are quite often successfully backtested too (again, in the direction of the short term trend).

Got to be careful though.

Trendfriend wrote: dow - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...ubrz06JIt89c9U86Czo=

looking at the next support levels here for the dow.
short term on the daily. gap support at 19649. and then 18213.....

dow - weekly.
uk.advfn.com/p.php?pid=chartscreenshotsh...+nZl0pItPwm2nCWO1yc=

A break below 18213....would open up the 15,000...multiple supports here form about 14700 to about 15370...
If we do go down to that area....it may well be the place we see another large relief rally imho...

lets see how we go...
atb, wdik, dyor,
trendfriend

20,980 (or thereabouts) - i.e. the 23.6% Fib did put up a good fight - but the selling is unrelenting.

I'm not sure anything other than sitting on my hands is the best option right now! can't risk short term trade up (short term technicals) or down (trend).

dow - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...ubrz06JIt89c9U86Czo=

looking at the next support levels here for the dow.
short term on the daily. gap support at 19649. and then 18213.....

dow - weekly.
uk.advfn.com/p.php?pid=chartscreenshotsh...+nZl0pItPwm2nCWO1yc=

A break below 18213....would open up the 15,000 area...multiple supports here from about 14700 to about 15370...
If we do go down to that area....it may well be the place we see another large relief rally imho...

lets see how we go...
atb, wdik, dyor,
trendfriend

Test of downtrend line flagged last week so far playing out on Dow and FTSE. There was a bit of a battle between the bulls and bears at the Dow trendline last night but the bears won as it was sold into the close. Futures then continued to drop:

Dow:


FTSE:

What suprised me is the media and some professionals saying that we have hit the bottom already ...Surely they must realise we have never been in a situation like this and to say that we have hit the bottom just due to a bounce of 20% seems a bit naive. The fact of the matter is so many companies have laid off staff and loads of companies are going bust...on top of that you have most companies missing out on targets set for this year which means profit warnings...So there is no way we have seen a true bottom yet as it’s way to early to call a bear market bottom considering normal bear markets last around 6-9 months and this ain’t no normal bear market so these media fools are just that...fools...
The world economy is hit hard and it’s never been this bad so to think this small correction is over just baffles me....
It’s like they want people to lose money by encouraging everyone to jump on board so as they can get out themselves...
Don’t trust the media or any so called professional.....
This is where people have to do there own research and come to a conclusion on there own...
I trust in charts so will go by what the charts says for the long term..and right now we are below the 200 day moving average and that must rise to even consider a bull market...on top of that I would like to see higher highs on the daily time frames and a break above the new down trend line which ain’t formed properly yet....as it’s really early...
We are in a crisis like never before so I doubt that we have seen a true bottom...
Don’t go rushing back in a hurry as things could get cheaper still....
I’ve only put around 20% of capital back in and that’s even day traded a lot for quick gains...and some are with companies that I feel may find a cure for this virus so really ain’t in for the long term yet....
It’s really hard to call a bottom and I don’t see one this early...
Take care and do your own research..
Remo