Use the chart as trading map for US30. 1. Green Lines\Arch - support areas where price can take support 2. Red Lines\Arch - resistance areas where price can get resisted 3. Yellow Lines - Trend changers 4. Blue lines - Lines where price can take support/resistance One can use this chart as trading map for next few months.
Resistance - 18004 (hourly 50-MA), 18,100, 18,163-18,306 Support - 17,943 (hourly 200-MA), 17,855, 17,785 (hourly 200-MA) Bearish break from hourly rising channel support, which pretty much coincides with 17,973 (hourly 200-MA) would signal short-term trend reversal and open doors for a drop to 17,785. On the higher side, a rebound from hourly 200-MA...
Please see annotated chart.
US30 Dow-Jones 17894 As we see over our previous chart, market managed to hold trades above support 17480 while broke the triangle formation as we see over the chart which managed to fuel the Dow rally so far market built support zone at 17690 – 17730 where as long as market holding above this zone will expect market to sustain advance toward 18000-100...
Possible bull flag hints at new highs, if overcome supply
If you see a triangle break out you are bullish
Nothing is stopping this market from moving higher. So let's jump on board as the system tells us. The first fractal breakout is about to get hit on the weekly. Unfortunately, there has been no previous signal to get into this trend. We'll see how far it can still run. Risk Management!
Looking at support and resistance lines plus various moving averages, I would say the DJ transports is like to range for the rest of this year or until September. After this time, this is when the market in general will make a decision about where the market is headed. My bias is for the downside. At the current moment i'd say its a good sell to support.
I have a solution. Use the moving average 50 period low. Check the 4h chart on US30. Insert a 50 period moving average low. Insert support and resistance lines. You will notice a couple of things, at the end of the last equity rally, it was profitable to short the market EVERY TIME once the price CLOSED below the 50MA. In other words you couldn't go wrong...
CAD is at some major resistance currently and expecting the YEN to follow Gold soon. We just completed a bearish bat and a false break of the trendline. I am short at 85.4. Expecting to see a lot of weakness. The target is open.
The substantial bounce off of 23-21 support at the daily level, as well as failure of megaphone top, means i'm inclined to look for 56-53 res retest. I'll look for profit there and the the megaphone upper trendline, ultimately a hold above 53-56 area should test the long term trendline above. If bears step in heavy and we get back below trendline and more...