Donald; RE:" DJIA-30 support & resistance levels "
>NEXT RESISTANCE LINES: 7760, 7952, 8095...
7760 = Last Friday's HIGH
7952 = Last Wednesday's HIGH, and best bounce last week
8095 = Last Monday's HIGH, and top of the weekly bar.
>NEXT SUPPORT LINES: 7575, 7450(WEAK), 7400, 7350, 6975
7400 +/-50 = focal point of: Last Tuesday's Hammer bottom; Long-Term UpTrend; 'psychological' support; horizontal support lines; and, fibonacci estimated near-target.
6975 = far target
6300 +/-100 = far-out DOW target
>...when the technicals are in the mid-range as they are now, it is really a flip of the coin what direction it will take from there. So YES it can go up strong, and YES it can go down strong...
...indecisive sentiment favours a reversal of the (three-day) short-term DownTrend; momentum traders would require break-down below 7400 or break-out above 7900 to act; last Tuesday's Hammer still intact (except on BKX.X, where it collapsed); over-sold is under-statement; kapital will return from holiday weekend cash/time-deposit accounts (in the absence of further currency devaluation news); maximum pain for options holders is above ~8000; etc.
Upon any bounce up to ~8100, we should short LatAm, Donald (^_^)
-Steve |
