Dow Jones: Chart-Update

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02.07.04 07:42
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13786 Postings, 7774 Tage ParocorpDow Jones: Chart-Update

Updated 7/1 for Friday's market.
Key DOW Levels for 7/2
UPAbove 10,360
DNBelow 10,300

At Support

Dow sells off, falls to key support at 10,300.

From prior commentary, "...The index continues to build steam within the wide trading range boundaries that have formed from 10,300 to 10,500...Look for the index to continue trading in much the same manner over the course of the next several days..."

The Dow ended the day lower by 101 points today after getting a sharp decline early in the session, as seen in the 15 and 60 Minute Charts. The index held firmly at key support at 10,300, but is still vulnerable for a break tomorrow.

Look for the index to continue holding at the lows within the boundaries of the intraday range formed from 10,275 to 10,350, seen in the 15 Minute Chart. A break from this range will likely lead to the day's direction tomorrow, with an upside break indicating strength, and a downside break sparking further weakness.

The Daily Chart shows the Dow may be forming a head-and-shoulders pattern at the highs of the major uptrend, with a shoulder line at 10,300. A downside break through this support level could fuel an even steeper decline in the medium term.

Short Term Dow

Short term, the Dow is holding beneath a clear short term resistance level 10,350, seen in the 5 Minute Chart. Watch this level for movement at the Open.

Medium Term Dow

In the medium term, we entered the market Short at 10,300, but stopped out with a 20 point loss. We are out of the market and will watch 10,300 down, and 10,360 up tomorrow; using 20 point stops.

NASDAQ & S&P

The NASDAQ and S&P each pushed solidly lower today. Look for a continuation pattern to form to indicate a continuation tomorrow. Otherwise, further trading range movement is likely. *

Summary

The Dow closed the session much lower today after getting a large sell-off this morning. The index is currently holding at support at 10,300, which continues to be the key level to watch. Keep an eye on 10,300 and 10,360 tomorrow.

Thanks for listening, and Good luck in your trading..

Ed Downs
edowns@nirvsys.com

with assistance from..
Frank Ochoa, Market Analyst
fochoa@nirvsys.com

** Note: We are now posting Index entries and exits in Real Time, through our new Intraday Index Alerts service. To learn more about the service, visit SignalWatch.com and select Intraday Alerts from the main navigation bar. - SW Team

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Rules and Definitions

Dow 15 Minute Chart


Dow 60 Minute Chart


Dow Daily Chart


Dow Weekly Chart


Legend


 

ariva.de

 

 

02.07.04 07:48

6164 Postings, 6446 Tage albertomoin paro, von 10300 wieder long? was meinst du? o. T.

02.07.04 07:54

13786 Postings, 7774 Tage Parocorp@alberto

guten morgen!

schwer zu sagen, as you know bin ich ja noch dow short. jeder geht von einer sommer / pre-wahlen rally aus, da muss es doch eigentlich anders kommen... oder?

bleibt mal weiter short heute.

für euch kurzfrist zocker sollte auf der long-seite heute sicher was abzugreifen sein!

bleib im kurzfristigen bereich bei devisen...

good trades! (@all)

 

02.07.04 07:58

6164 Postings, 6446 Tage albertohast schon eigentlich recht, nur sind mir

gestern zu viele in shorts rein... vielleicht eine schöne bärenfalle?  

02.07.04 08:00

13786 Postings, 7774 Tage Parocorpkann natürlich passieren - schaun mer mal o. T.

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