INDU – Page 2 – The Art Of Chart

Tag: INDU

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...

No Such Thing As A Sure Thing

[vc_row][vc_column][vc_column_text]On Friday morning I was writing that SPX went back onto my Three Day Rule on the break back over the 5dma at the close on Thursday night. Under that rule, if either of the next two closes delivers a clear break back below the 5dma, then the prior low, in this case 3491.58, will...

Still Testing The SPX 200 Week MA

[vc_row][vc_column][vc_column_text]Apologies for this being the only post this week. I'm moving house in a few weeks and I've been really busy. In my last post I was looking at the possible hard fail setup on SPX, NDX, IWM and Dow if the inverted H&S patterns that had broken up failed on moves back below the...

The Ghosts Of Christmas Past

[vc_row][vc_column][vc_column_text]There's been quite a bit of speculation about a possible bear market low having just been made at the last low, and that is technically possible, though I think rather unlikely. More likely is the possibility that SPX is returning to retest the all time highs to make a second high on a huge double...