Murray and the DOW

[Brazen]

Just seen a long term chart from MM on the DOW (1988 til now). 8000 is critical support on the monthly, just holding for now but if it breaks all hell. . . next support 6750, then 5600 and lastly 4000. We can't afford too many more red days.

[Brazen]

Of course, if there ever was a place for a rally off support - this is probably it.

[Brazen]

Or it could break and crash. Or just trade in a range for ages.

[Brazen]

. . . and Cool Hand Murray actually uses the phrase 'dramatically lower' to describe what a break of 8000 could result in. The rest of us would just say 'f***ing CRASH'.

[dilligaff]

How can we join the cognescenti who receive Murray's pearls?

[_nova]

This little rally could go some, and then some. The DOW bounce off 8000 coincides with the failure of the inverse H 'n S on the USD Index. The right shoulder made a classic failure right on the neckline and didn't follow through.

[_nova]

SHEEEZ, I can't make sense of this market! Just as I say the H 'n S fails on the USD Index, the EURUSD makes an about turn. Just after 8 this AM the EUR churns up through 1.30 and almost touches 1.31 but since then it does a switchback and powers down back through 1.30 and volume is picking up. The 1.30 level is pretty important. Above, and the DOW rallies, below and it sinks. EURUSD is churning around 1.2980 now and it better hold above 1.29... The worrying thing is that all oscillators are about neutral so the darn thing could go either way.