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"

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Market Technicals


DAX - The DAX did retest the 3780 support, and if that gives way, then the low at 3692 is at risk. That may be the least potential to the downside, as the real target could be to as low as 3570.

FTSE-100 - also put sthe support at 4330 at risk later today, and before long, a downmvoe to 4270 might be initiated. But the bigger risk is further downmove to 4080 - 4050.

Nasdaq-100 - also projects a rough +ascending wedge+ outline, which is terminated a a break of the 1380 level -- which we may see again later in the week. A close below 1380 confirms the termnination, and should yield further down moves to at least 1300. We may even see the 1210 area again.

SPX - The SPX has been unable to penetrate the 1070 resistance, then fell lower on Friday -- which forms a very distinctive Head and Shoulders pattern in the intra-day charts. The support at 1065 will therefore likely fail and a fall to the 1050 - 1048 area follows. The +ascending wedge+ that has been in effect on the price chart in the past four months may have come to a head on Friday. A close below 1045 any day this week suggests that the wedge pattern is over, and the next main direction will be a return towards the base of the wedge which is at 960.

Dow - The blue chips average has been unable to break through 10,000 all of last week , and we may therefore see further declines to 9700 as a concsequence. The rough +ascending wedge+ pattern in the price chart is also terminated by any close below 9700 any day this week. That suggests further declones to 9450 at least, perhaps even make a return to the origin of the wedge which is at 8900.

Just got a short open on the SP500 opening at 1061.70 -keeping bobbing in and out of credit.This is the first time on it will see what happens.
rgds
zarif

Hi Zarif and everybody.

I have a long on since Friday so good to see it moving up. The trin is a bit high yet it's moving up a pace.
Hopefully we'll see an assault on the 10000 level this week.

Harlosh -the feds meeting tommorrow and the dollar has been getting a pasting everywhere -be careful -lock your profits in as they just might retrace down before trying to assault 10000 again.

These are the levels to watch today:
s1: 9831
pivot: 9877
r1:9908
r2:9954

hope it helps

rgds
zarif

ps: u going to that ta seminar in cheadle on friday as i am and maybe will meet.

Just closed my long but it's still rising!!

Yes I am Zarif. Just got to ring them to confirm, so will see you there.

Gone short at 9947 Dec Dow

welldone harlosh:
I am short dow aswell at 9926 jan. and spx aswell and long on eur/usd.
Will see u on friday.

Now let us both start biting our nails to see it go down.

rgds
zarif

It held up rather well at the finish Zarif.

ttt

http://www.chartsedge.com/g120603.gif

Nice chart Zarif.
May I ask where it's from?

Harlosh.

When you get charts or images posted as above,
right click on the image and select Properties
from the pop-up menu.

It will give you the URL.

Melnibone.

Hi harlosh and melnibone.
Trust trading safely.
Reckon the dow going to hit 10k today and then take a hike down??
I am inclined to believe that being so near its too good a lolly to miss -but again you never know anything for certain in this game and especially the Ym-it defies logic at most of times.
any views for today?

rgds
zarif

Hi zarif,

I'm cautious at these resistance levels.
As I've said before, if it breaks resistance all is not
lost as it will come back and test it as support at least
once to allow you an entry point.

If you go long at the resistance and it holds, then the only way
is down for a loss.

Therefore the greater risk, for initial poor reward, is to
go long at resistance.

DOW will probably test 10,000, but the Futures are already only
15 points away so where's the profit for taking the risk of
getting caught long and wrong?

Melnibone.

Afternoon everybody:
The Ym Auction starts in about 25mins. Watch the action -dont dive in as the advice given by melnibone is very valid as things can go pearshape and u would be stuck in a limbo trade.
If u go in with a gunslinging attitude u may get away with it a couple of times and then the market will eat u up alive.

rgds
zarif

Key ranges and data for today 9th dec 2003

Dow hit the 10k -now where to from here is the 22dollar question? profit taking,consolidation etc etc

rgds
zarif

My guess is that it will whipsaw until we get
the guidance from the FED.

Interest rates won't move, but the comments and
guidance may change which will initially cause
some spikes in both directions before it settles
and takes direction.

Which ever way it finally goes will determine
where the FTSE opens up tomorrow.

That's all a bit like stating the obvious, but I
think that we sometimes try to look too deeply into
things and end up double-bluffing ourselves.

Melnibone.