Dow Jones Industrial Average DJI Back to buying the dips
Yesterday the Dow completed a 10% drop from the high (10%
off the top is 23956, the low was 23923.8, just 0.5 of one
point from the support line at 23924. An 11% drop would be
23690 - there is another fixed support line at 23613, just 77
points lower. This line line should be the limit of any further
downside should 23924 line give way today at any point. From
there it should rally back to 24345 -24400 range where it
should begin to retreat again..how it reacts here is key...if it
can hold up off 24300 and then go on to break above 24400
again it becomes a buy with stops below 24345. Otherwise we
ait for lower levels. But so far this is a sharp fast standard 10%
decline ina bull market. Done and dusted so long as 23611
holds out this week. Back to buyng dips for now.
Yesterday the Dow completed a 10% drop from the high (10%
off the top is 23956, the low was 23923.8, just 0.5 of one
point from the support line at 23924. An 11% drop would be
23690 - there is another fixed support line at 23613, just 77
points lower. This line line should be the limit of any further
downside should 23924 line give way today at any point. From
there it should rally back to 24345 -24400 range where it
should begin to retreat again..how it reacts here is key...if it
can hold up off 24300 and then go on to break above 24400
again it becomes a buy with stops below 24345. Otherwise we
ait for lower levels. But so far this is a sharp fast standard 10%
decline ina bull market. Done and dusted so long as 23611
holds out this week. Back to buyng dips for now.
Note
Already up 300 points and testing the first line of natural resistance and a natural place for day traders to take profits..up to profile..can be sold here and go back long once it has been retaken by th ebulls and holds on retest of just hold for longer termNote
Wow that happened fast...right to the line and bam...Note
If day trading this it's just coming to first resistance and so longs can be closed out for 130 or so profit and can buy back lower most likely...neds to break above the dynamic now to surge higher still...follow that break or buy back agion maybe 75 lower from hereNote
Can't count, sorry. That's 340 or so points profit if you got on this tradeNote
Time to close out this long hereNote
That's another 440 points traped to add to the 340 won earlier. The next long comes on a break and hold of 24880 looking for 25200...happening nowNote
DJI UpdateStill long from yesterday's final update and looking to stay
that way up to 25200 and then probably close out depending
on price action when and if we get there. The next long will
trigger once 25260 is broken above looking for 25500-25580
maximum where it should become vulnerable to profit taking
once more.
On the downside key near term support lies at 24717-24660
range which must hold up today to any declines from here -
failure here would likely send the Dow crashing back to 24402
and maybe as low as 24200 again before it rallies once more.
Although still a little nervous and febrile, the overall trend is
still positive again here and buying dips is still the correct
strategy ...so far nothing has happenend to change that.
Note
Nice continuation patterns on Dow yesterday in close up for study. Dow makes some great patterns that create some great trades as a result. Better than Nas and SandP for patterns usually. Note
raising stop to 247880 for break even on this longNote
24880 - typoNote
raising stop again to 24978
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.