DOW

This was the Dow , look how this hit the 61.8 fib line perfectly and dropped during the night....Shows you the strength of that level on a first attempt....
The 61.8 fib level was at 24894.........the down went as high as 24903.....,Then dropped.......
The power of the fibs in full action there....easy trade...
the real question is will this hit this level during market hours...
Ive already gone short from that level and may add to short if it hits again but kinda risky as it’s a second attempt...That’s the problem with 24 hour markets as it confuses things...

dow - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...rCsGJA4ejCKfJK5ec%3D

another nice rally yesterday!
the rsi has come up to test a resistance level and if this breaks out....there should be no stopping the upside momentum imvho...

The 200 day ema line would be the next target....but tbh honest this could well hit the previous highs pretty quickly if it breaks out from here!

the question will then be "was this down move a bear market"?

bear markets are usually brutal....think of the bear market we have just seen in crude oil that's how bear markets are imho...
bear markets should make investors regret they ever heard of the stock market...this started off being brutal with a big sharp move down...but now its running away back up!
Which would again in my opinion this was a overdone correction....and not a bear market...

Either this makes it way back down....or i would say the "can has just been kicked down the road"... because historically we do get a bear market every 10 years or there about....

Someone i follow was saying the next bear market should be around 2023! and not now...

Or maybe this is the new type of Fed style bear market we will get now?

questions...questions and more questions...
anyone know the answers?
lets see how we go...

atb, wdik, dyor,
trendfriend

The markets eh? The final frontier in some people's eyes

They said it's "forward looking", but I'm looking at a new new new new normal here, and I don't see full jets, packed cinemas and cruise ships just yet. So, who then decides what timeframes the markets look to?

Is it all the companies vying for a vaccine? Is it the lack of chatter about "what if" (as in, what if a second wave is coming? what if the vaccine is bringing with it 2nd order issues? what if this heralds a new "era" in uncontrollable outbreaks, and souring trade relations on top of global nationalism?

(oh, forgot to mention, dire FORWARD GDP, dire S&P forward earnings too)

The markets, right now, don't care one bit; "trade what you see" is a message I frequently hear and see, and that's cool, but I'm gonna hold for long.

TrendFriend - great chart again, and it could be a crazy correction, but I'd go with your earlier assertion that it's not done yet - not because I want to believe etc... but because forward-thinking or not, the market has no real structure, the only thing that's true out of all of this is: "Don't Fight the Fed".

The Fed doesn't need to buy equities directly (they don't), but they can buy the debts of companies, they can buy ETFs, they can create an environment where money has no place to go other than into stocks. All this means, a big bounce - but not without (bigger) risks of its own.

Longterm_view - I'm watching the 61.8 line like a hawk, and remember, the move to the 50ma was built on low volumes; again where's the structure - are the market internals sound? We'll see I guess!

Remo (and Jackozy too if he's reading this!) - would love to see Bull / Bear cases some time - I might give it a try myself over the weekend.

Be Safe folks!

dow - daily
uk.advfn.com/p.php?pid=chartscreenshotsh...wLLgYifR3uAv4nm0U%3D

this keeps on going up and up and up!

Something does seem to happen around this 50 day ema line...
second time we had a p/b from that area....

The 200 day ema line is also key imho....technically in a down trend while below that feature

the 50 day ema line is at 23997....the 20 day ema is 23353.
If i draw a trend channel as in my chart...then in between we have the trendline....
so this hasn't run away as far as we think from these key levels.....and i still think a substantial down move should take place here.....quite possibly even a lower low....

If it doesn't then i will clean some egg of my face...
perhaps more importantly if this does runaway higher from here....i would question if this was a bear market at all??!!
or just a strong correction?

lets see what this does first!

atb, wdik,dyor,
trendfriend

Dropped at the end, but still held the 50ma I believe.

Only the 61.8 fib at around 25220, to hold this back.

If not, I should have bought.

DOW broken the 50 (MA)