After the trade war started last Friday it's possible that this week there might be a strong bounce due to a short squeeze.
The move higher could start on "Turnaround Tuesday", after more declines on Monday this week.
Support could be somewhere between 24550 - 24650 this week.
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The price could have found a low to bounce higher from. I said "support could be somewhere between 24550 - 24650 this week."
Yesterday the Dow Jones fell right down into this price area. Yesterday's low on June 19 was 24568 only 18 points above the lowest low I had foreseen (24550). Yesterday's close was 24700, just 50 points above the minimum low I had foreseen (24650).
Therefore it is highly likely that the Dow Jones is going higher in the next days.
What a difference a day makes - 400-pt range today from +250 > -165 so very beary, I afraid upside now more limited than we expected- thin air
DaddySawbucks
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Agree. Typically after bottoming will be 3-5 sessions of sharply higher prices most of the move in 2nd, 3rd session. Saw nice green candle Friday for the beginning. Resistance ~25100 +/- 100.
Selling wave in last 5 minutes typical of day traders closing their positions before the weekend- nonsignificant. After hours some 20/30 Dow stocks traded ~.25 - .75 cents higher.
DaddySawbucks
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Agreed look for lower open today and likely improvement from bargain-hunting later in the session, short-term lift week of 6/24 - 6/29 testing resistance 25000. NDX already started the move.
This brief rally will be shorting opportunity, get ready to position for next decline look for ~24300 +/- 150 in mid-July, then another reaction to lower high in Aug probly 24700 again; before the bears come.