DOW

Anyone else Short on DOW?

Took a position at 17001.

Seems to have double topped at yesterdays high of 17066 with hourly closes below the MA(30) and MA(50) with no quick jump above.

I am looking for it to test the MA(200) around 16718 in the coming sessions.

Good call BG.
Just be careful, move stop to profit, and dont get tempted to move it again imho.

Keep banking coin with Dow, as can come back and bite hard

Regards,
Trendfriend.

I'm already on board long and strong for the Santa Clause rally!

I could be wrong, this is the bad boy Dow after all , but the more i look at this the more this looks like its getting ready for a pull back, it may be a small drop, but it should come down imho.
Daily Dow Chart, this is near the top of the rising channel, and note the bearish Div on the RSI.
uk.advfn.com/p.php?pid=chartscreenshotsh...symbol=DJI%5EI%5CDJI

This is a close up of the daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...symbol=DJI%5EI%5CDJI

weekly shows the RSI div better.
uk.advfn.com/p.php?pid=chartscreenshotsh...symbol=DJI%5EI%5CDJI

We have Bearish div, RSI at resistance, and a gap to fill, this should make make its way down imho.
The top of the channel is 17492 (tomorrow) rising daily, it could hit that level and make its way down.

Regards,
Trendfriend.

Does anyone have any thoughts on this ones current direction? It's been a while.

This is in a strong uptrend so its best to only take long positions on this. Obviously for new longs you have to wait for a retrace to happen. This is still in the santa rally stage....lol...
So going short will be a total gamble from current levels.


dl.dropboxusercontent.com/u/4899609/dow30thdecember2014.png