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Strategies & Market Trends : Strictly Buy and Sell Set Ups

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From: chowder	3/19/2005 10:04:13 AM
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Before I get the weekend analysis from various sources, I thought I would look at the charts and see what they are saying. The Dow looks like it is setting up for a reversal to the upside. On Thursday we saw a spinning top which indicates uncertainty. Friday's action saw the spinning top followed up with a high volume hammer type Doji. This is considered a reversal day! This is a clue that the Dow should move up on Monday barring any news coming out over the weekend. The key to Friday's action is the large amount of volume. Some will say it was options related but volume is volume. Anything can happen of course but, I like the way the downtrend or volatility in the Dow has come to a standstill. stockcharts.com[h,a]daclyiay[d20041219,20050319][pb50!b20!f][vc60][iut!Lah10,30,5!Lc20]&pref=G We should see the Dow up on Monday. dabum

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