Monday, March 15, 2010 11:38:54 AM
DIA Rising Wedge Support Broken
Markets should get worse as the day progresses imo....Support line can be drawn at varying angles so hard to say which line of support is most accurate as there can be many ways to draw the line.
But, support on this 60-minute chart is rising by the hour...By the end of today it will be at $106.3.....by the end of tomorrow $106.6....By the end of the week roughly $108....So it is pretty much a NO BRAINER that support will fail...
Following support levels are for the $INDU (last 10,575)....
1) 10,582: 34 day simple moving average
2) 10,558: 50 day moving average on 60-minute chart
3) 10,551: pSAR on 60-minute
4) 10,532: 10EMA on daily chart
5) 10,507: pSAR on daily...will flip bearish if the $INDU touches it
6) 10,385: 50 day moving average on daily
Markets should get worse as the day progresses imo....Support line can be drawn at varying angles so hard to say which line of support is most accurate as there can be many ways to draw the line.
But, support on this 60-minute chart is rising by the hour...By the end of today it will be at $106.3.....by the end of tomorrow $106.6....By the end of the week roughly $108....So it is pretty much a NO BRAINER that support will fail...
Following support levels are for the $INDU (last 10,575)....
1) 10,582: 34 day simple moving average
2) 10,558: 50 day moving average on 60-minute chart
3) 10,551: pSAR on 60-minute
4) 10,532: 10EMA on daily chart
5) 10,507: pSAR on daily...will flip bearish if the $INDU touches it
6) 10,385: 50 day moving average on daily
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