DOW

Price action on Friday was interesting, doesn’t seem to break out past the 30200 mark just yet. Which may still support the wide horizontal trading range maybe. It seems to be range bound 29600-30200 with the ascending triangle.
I am still struggling to find a trend so sideways is the best I have at the moment .
Gold seems to be moving up again.
By the way I did a small short on Friday but got stopped out which told me to stop trading until the cloud clears up for now

Negative Divergence on the RSI? Many of the factories I work with in China are working flat out for sure - Although the supply chain has collapsed due to demand and they are literally running around with cash trying to secure components. Freight container prices are soaring due to the bottleneck on increased demand (£2k in October for 40ft container -currently £6.4k and forecast to be £10k in January!!!)- Dollar is weakening - All means inflation and higher prices on the way = strong headwinds? The parabolic rise in stocks is unlikely to end well IMHO

dow- daily
uk.advfn.com/p.php?pid=chartscreenshotsh...z1nveVImQxHksSQj/EQ=

i don't see any technical reason to be short on indices imvho.....
From a fundamental perspective it does seem logical that as covid gets beaten the markets will head higher....usually led by the US.

just my thoughts....as always wdik...

atb, wdik, dyor,
trendfriend

After i got stopped out yesterday on a blind sided trade, i had to revisit some old techniques and went back to Remo's classic lessons

Anyway, to cut to the story short, I looked at all the chart set ups and found the 4 hour chart that seems to be respecting the trend lines and and forming an ascending triangle pointing to 30k

Chart attached - with the markers of how i put my thoughts together (the grey box of where I thought was a value punt).

My short got closed out so no doubt the trend will be down now

..on a serious note whilst there are positive indicators on the charts news wise I don't see there is any good news left to come out, I also imagine the US is on the brink of a couple of pretty horrendous months covid wise. Logically this would drag the markets down but then when do the markets act logically!

I want to go short again but feel like i'm chasing and too freshly burnt to make decisions I trust so sitting on the sidelines for a bit.

Forgot to add my most important point - I am struggling to understand what the trend is ...