DOW

Jobless claims higher than expected...what has that done to the Futures ??

Cut and paste by Ryan Detrick, CMT. I found this interesting.

Just remember, the ‘73/‘74 bear saw a 20% bounce.

‘01/‘02 bear had 22%, 25%, 24% and 24% rallies before ultimately falling 51%.

And the ‘08/‘09 bear saw a 27% rally before falling 56%.

Jackozy wrote:
Got to be careful though.

Careful as a mouse, me.

A nice little relief rally (started with that big ol' candle at 8:45pm last night - The Fed maybe? I know, i.e. fact, they have currency & bond traders, but not sure about equities?) also, no circuit breakers at the end of a session, so this could have been a work-around. In any case... nice rally to scalp (hit and run, hit and run).

I've been watching the 5 min futures chart on and off over the last few weeks. If you're looking to scalp, you can see that short term 5 min trendlines hold farily frequently in the direction of the hourly trend.

Horizontal breakouts are quite often successfully backtested too (again, in the direction of the short term trend).

Got to be careful though.

Trendfriend wrote: dow - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...ubrz06JIt89c9U86Czo=

looking at the next support levels here for the dow.
short term on the daily. gap support at 19649. and then 18213.....

dow - weekly.
uk.advfn.com/p.php?pid=chartscreenshotsh...+nZl0pItPwm2nCWO1yc=

A break below 18213....would open up the 15,000...multiple supports here form about 14700 to about 15370...
If we do go down to that area....it may well be the place we see another large relief rally imho...

lets see how we go...
atb, wdik, dyor,
trendfriend

20,980 (or thereabouts) - i.e. the 23.6% Fib did put up a good fight - but the selling is unrelenting.

I'm not sure anything other than sitting on my hands is the best option right now! can't risk short term trade up (short term technicals) or down (trend).

dow - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...ubrz06JIt89c9U86Czo=

looking at the next support levels here for the dow.
short term on the daily. gap support at 19649. and then 18213.....

dow - weekly.
uk.advfn.com/p.php?pid=chartscreenshotsh...+nZl0pItPwm2nCWO1yc=

A break below 18213....would open up the 15,000 area...multiple supports here from about 14700 to about 15370...
If we do go down to that area....it may well be the place we see another large relief rally imho...

lets see how we go...
atb, wdik, dyor,
trendfriend