The 56 Point TA; Charts With an Attitude Message Board

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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude

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Doug R

To: Magnatizer who wrote (73282)	10/28/2023 12:11:00 PM
From: Magnatizer	1 Recommendation Read Replies (3) of 79448

DJI Spreadsheet snapshot of the weeks support and resistance levels across daily, weekly, monthly and quarterly scales: docs.google.com Charts Daily tradingview.com Weekly tradingview.com Losing key uptrend (blue) last week was a significant win for the bears. Typically when this trendline is lost, next support below gets a test. Monthly tradingview.com continues to coil Quarterly tradingview.com another warning shot, first the failure to hold the breakout over Q2 Cross in Q3 now we're testing the bottom of the cross bar horizontal. As a contrarian I can't help but see the current environment as ripe for long positions. Hard to imagine the crims setting up a more challenging news cycle which sentiment indicators note as working for them. As a chart reader, bears are winning all the key battlegrounds. My intent to get heavy long DJI is tempered by the technical loses on the longer term charts. Sitting 1/3 long in the trading port will only increase to 1/2 long until the bulls start charging again. Stops will be tight.

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