how do you see the dow index going today Dow Jones and S&P commentary: Signal Watch Dr Bob Hard Right Edge Raptor Research Charting by Snoball: Dow Chart S&P Chart Drinks & Break Time at: GD's Famous Tea Room & Watering Hole"

DOW JONES @ LIVECHARTS

morning all:
Well the dow has surprised everybody by doing near enough 800 pts up in a very short spate of time and hardly any retrace. Oil has lost some 7 odd dollars.
Any explanations as NOTHING HAS CHANGED -Bush in power -his last term was not brilliant for the economy -so what difference will it make now with increasing debt,Iraq etc etc.
The funnymentals dont add up either except big MANIPULATION.
Trade what you see and remember the Turn can come on a dime!!!



rgds
zarif

ps: sorry guys as have not been around much lately.

Tom Hougaards market view for today
rgds
zarif

Good morning,



It is quite an interesting situation we have in the markets right now. Yesterday, today and over the course of the coming days we will see some major time and price square outs.



The SP500 went straight into the double top mentioned yesterday. Today is 768 calendar days from the bear market low of 768. It is also 1530 calendar days away from the high on the 1st September 2000 at 1530. There are other things coming out from a price and time perspective as well today.



There will be resistance around the 1176 area which is essentially a double top. Support will be around 1162. The Dow has just managed to make it into positive for the year.



Good luck today



Tom

Dow relentless UP again today- hardly any retraces.
With the MSFT div coming into play around now -will it give chances to short?

rgds
zarif

Hey Zarif, where have you been?

I'm studying PnF charting at the moment. Decided to plump for Updata for the quality of their PnF charts and because it's a monthly payment and can cancel at anytime.

Anyway, the PnF chart for the Dow has a target price of 11100 or thereabouts. Don't know when though but looks like it won't be too long.

There's a prediction for you. It will be interesting to see.

Regards
Harlosh

Zarif

Any views today. Been looking for a retracement but is looks very bullish. perhaps Nigerian oil strike may inpact it?

Harlosh - nice to hear from you. I think your figure has merit.
Orky, JJ50 et al.
This market at the moment i would say at the least is "scary" in the most polite terms.
If you step back and look at the picture all you can see is that this market has risen so fast in a spate of few weeks to such levels in a relentless uptrend with hardly any retracements - the whole world and his wife is trying to catch the top and see when it retraces -but with such momentum and only sentiment driven its not taking prisoners.
For example if you take SNP( approx 1snp point = 10 dow points)a fortnightor so ago at 1118 and friday at 1185 that is 67 sp500 points equating 670 dow points. So a lot of shorts are being hit and taken out of the game.Also with the minutest retraces the dipsters are coming out in force and buying.You must watch when the dipsters stop appearing and then it will topple as the indicators are all at extremes.- but the technicals dont have to reset.
My advise in this market is "scalp" and keep banking -keep stakes small as it can wipe you out of the game in one swoop.
Note that the trend is up - for it to reverse it has to go through the motions as : sideways UP, Sideways,Sideways DOWN,then DOWN. So there will be enough time to board the bus.
Watch the Dates on 22nd Nov and 29th NOV ( Harlosh -thats my prediction for you)!!!!

If in doubt stay out.
trade wisely and safely

rgds
zarif

Orky, it looks like your retracement is here.

Agree snoball. Although Tom H commented earlier in the year, that historically, investing on Thanksgiving Day and selling early in the New Year, has 72% of the time resulted in profit...

The retracement seems to have bottomed out on the 22nd.
Is that what zarif was hinting at?
What's going to happen on 29th, a breakout at 10600?

Morning all:
So how are we all. I had other projects in mind and must apologise for not posting much.
So where are we now - This grinding Up market is taking no prisoners. The dips are being bought.Also the seasonal stuff.
Watch the market and play what you see.

rgds
zarif

It's about time this thread was revived.
I'm short the June Dow at 10351.
How are we all then?

key points for me are 10,300 & 10,400, waiting for one or other to crack, but long intc from 23.00 so can't complain

flirting with 10400 - dunno if anyone watched it at this level yesterday but it got absolutely battered.

Stopped out on the short future and a long on the daily.
10400 resistance held today i see Velocity.

Wall Street didn't like what it saw on Capitol Hill Friday over the health care vote.

The Dow tumbled over 100 points Friday afternoon after it became clear that the healthcare bill to replace Obamacare would be defeated in a vote. However, markets recovered quickly soon after news that the bill had been pulled from a vote at President Trump's request.
The S&P 500, Dow and Nasdaq all went into the red after 1 p.m. ET Friday when it became apparent that Republicans did not have enough "yes" votes. After news that Trump had pulled the bill, the markets rebounded from the lows. The Dow ended 60 points lower, while S&P was off slightly. Nasdaq ended up 0.2%.

though DOW closed -60, it is worth noting that the critical 20,610 level held