Dow at key level

[#1]

The Dow rallied up to a significant resistance last night at around 13450...a good close above it would have been better for the bulls...

[Wumpus]

Hi Chartist. Do you suspect some downside today or just more volatility? I suspect the market may take me out today... I hold TOPABN.

[scandal]

dow futures look like they will open down today, so me thinks that market will follow this at open. Currently at -0.37%

[#4]

yes...we may still have a crack at that level today which will mean a massive end of day rally if we just retreat from that resistance expect significantly more downside for September.....

[#5]

the dow has just bounced off a trendline established since 17 August...so we should see another crack at that resistance.....

[Samir]

Chartist, is DAX not leading the way for us?

[#7]

no no longer...I am doing a vid which I will post...fireworks this afternoon!

[Samir]

fireworks? O dear, hope it doesn't blow up in my face..

[john_1]

I dont see it Chartist, what are you expecting, some kind of rally.

[john_1]

I dont see it Chartist, what are you expecting, some kind of rally.

[#11]

yes ....am I mad...the blind leading the blind? .....http://www.screencast.com/t/mWTsjbIh

[john_1]

Could not watch vid not enough band width,

[john_1]

well there is your rally- to the downside.

[#14]

great buyimg opp at 25890

[#15]

Me own reading slightly different - but essentially with Chartist here. Think the DJ showing signs of strength, as long as it keeps trading above 132.

[john_1]

why. I know I not going to be long over night.

[john_1]

Looks like its gonna get ugly!

[#18]

yip...said it was a key level.....and seems we are gonna close below the low of the two previous high bars...

[#19]

John, dude, I only use levels based on support n' resistance. Fib sounds, like, da Vinci code, but they really correlate with support and resistance - there's very little difference, cept you has a tool to help out. Basically, it works mostly becaws its based on the psyc levels of the market. It tells you where the levels of support an resistance lie. It means you can park your own emotions and follow the trends, like a girl cow in a stampede - jes go with the herd. Awl you have to do is pack it into your own timeframe (which, frankly, is the hard bit).

[john_1]

Thanks Gravy. I agree. it is all about time frames/ risk * oppitunty cost= return