dow charts, page-5

Looks like the resistance that I've been rambling on about for the last few weeks on this solo thread (lol) is starting to really kick in. There always seems to be some fundamental explanation as to why sentiment has driven the market down and last night there was a whole swag of them with the media desperate to find a reason. Atm I think the market jumps on anything remotely negative as an excuse to drive it lower. As mentioned previously this ensures the big boys who are short or waiting at support levels get their fills. What we need is a reason to drive it higher? I am still none the wiser in regards to this and it would have to be fairly substantial to break current resistance imo.

December is generally low on volume but with expiration week next week in the states volume will increase. Let’s see what happens. Interesting where it pulled up last night, right on short term support that it's bounced off several times in the last 3 weeks or so (yellow line on 1st chart below). One more decent push down will see it hit the ascending trend line from March lows but I would suspect a small bounce may be on the cards tonight given it hit the support line and finished higher. Also our market seems to have recovered considerably today off its morning lows most likely pre-empting a bit of green on the DOW tonight. Imo I think the bottom line will be hit before too much upside is seen. Probably some sideways stuff first.




The longer term (10 month) DAILY chart




WEEKLY chart