DJIA 0.11% 25,629 dow jones industrials

p/a - I hope there's some relief soon, but I fear another night...

  1. 3,537 Posts.
    p/a - I hope there's some relief soon, but I fear another night of the same, particularly since it's Friday!
    This time I've posted a daily chart with daily slow stochastic and I'm getting the same feeling.

    Fib ratios are interesting to play around with. I found this old chart with the fib drawn to March 11 and the 100% extension was close to the turn in April, although didn't quite reach it. 61.8% seems to be a safe place to choose, no matter what the direction when there's certainty in the market. As my previous (weekly) chart (weekly) showed, the bounce back up from April 09 landed spot on the 61.8%.

    In the case of this daily chart, the retracement didn't quite reach the 61.8% and has dropped a long way since,
    The most concerning signal from a TA perspective is that the 200 & 50 EMA's are getting uncomfortably close to a crossover. The 20 day EMA has already crossed down over the 200.

    The orange support/resistance line at approx 9650 is where I think the critical pivot lies atm. I'm basing my DJPIN prediction tonight (9650) on that. A bounce next week would be in order.

    Scary stuff, but of course I could be completely wrong.
    I'm no expert anyway! DOW futures not pointing in that direction so far, but what else is new!


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