INDU – The Art Of Chart

Tag: INDU

A Festival of Flags

[vc_row][vc_column][vc_column_text]SPX has seen a decent retracement from the highs, the reversion to the mean target at the 45dma has been hit, and a lot of decent looking bull flags have been forming on US indices. SPX may now be close to a retracement low, and a daily RSI 5 buy signal fixed a couple of...

So What Next?

[vc_row][vc_column][vc_column_text]Pretty much everything I have written about in my last few posts on SPX delivered. The bull flag wedge from the high broke up. The IHS that then formed broke up and made target, and the bull flag made the target with a retest of the June high. So what now? Well I was saying...

Looking For A Short Term High

[vc_row][vc_column][vc_column_text]The high last Friday was only three handles below the close on the daily 3sd upper band, which is a rare event, so I did what I like to do with rare events, I looked back and crunched some numbers looking at previous examples. These are the stats I posted on Monday morning. There are...

Rolling Over

[vc_row][vc_column][vc_column_text]So far, the reversal at strong resistance at the monthly middle band and the main support/resistance trendline from the 2009 low is proceeding as expected. The next three weeks lean bearish, with strongly bearish leaning days Thursday 11th May, Wednesday & Thursday 17th & 18th May before we see the next strongly bullish leaning day...

A Decent Start

[vc_row][vc_column][vc_column_text]So far, the reversal at strong resistance at the monthly middle band and the main support/resistance trendline from the 2009 low is proceeding as expected. Monday was bullish as expected, there are high quality double tops formed on SPX/ES, NDX/NQ and INDU/YM. Yesterday there was a decent rejection from Monday's highs and today, leaning 61.9%...

Mayday

[vc_row][vc_column][vc_column_text]SPX broke up through the possible H&S setup on Friday and delivered a full retest of the April high, closing the month six handles under key resistance at the monthly middle band and testing the main support/resistance trendline from the 2009 low. So what now? Well, this is the main resistance that SPX has been...

Testing The Water

[vc_row][vc_column][vc_column_text]I was writing on Friday about the nice looking rally setup on SPX and NDX particularly but obviously SPX was close to first resistance at the daily middle band and I was doubtful about that being broken on Friday, and it wasn't broken then, or indeed yesterday. This morning though, SPX has gapped over the...

Much Ado About Nothing

[vc_row][vc_column][vc_column_text]I had an interesting December with a nasty case of COVID after I moved, and a slow and intermittent recovery. Feeling better now and I lost a stone over the month so my January diet was at least cancelled. :-) So where are we now on SPX after the rally from the low in mid-November?...

Flags – As Above So Below

[vc_row][vc_column][vc_column_text]I'm in the throes of moving house at the moment and am struggling to get posts out so there may be just one a week or so until I've finished in three or four weeks. It looks like I may actually need to take a whole week off at the end of the month which...

One More High Needed ……….. Probably

[vc_row][vc_column][vc_column_text]Last Friday there was a clear break back below the 5dma, and that was a fix under the Three Day Rule. On this rule SPX should retest the last low at 3491.58 before any retest of the prior high at 3806.91. I haven't counted but there have been nine previous fixes in 2022 and I'd...