DJIA - KEY EARNINGS LEVEL with 7 stocks remaining to report

DJ:DJI   Dow Jones Industrial Average Index
2975 10 31
The Key Earnings Level is the cumulative level where each element of the DJIA             has reported earnings and created a "mass focus" level where there is either support or resistance.

I call the "Earnings Report" levels "KEY EARNINGS LEVELS".

The summation of every DJIA             stock is represented by each data point listed here and has been useful for defining important support/resistance for the overall market.

If the market is above the KEY LEVEL, look for support when it falls to the KEY LEVEL. If the market is below the KEY LEVEL, look for resistance when the market rises to the KEY LEVEL.

For today, the level is 7 points under the close of May 4. 17644.

The number wont change until the next company reports earnings .

Stay tuned:

Tim West

8:31AM 5/5/2016 17651 DJIA            
Comment: After MRK, KO and DIS reported, the KEY EARNINGS LEVEL has moved up to 17,785
Comment: HOME DEPOT, CSCO, and WALMART are next to report on May 17th, 18th, 19th, respectively.
Subscribe to my indicator package KEY HIDDEN LEVELS $20/mo or a discount for a year and join in the trading room KEY HIDDEN LEVELS here at TradingView.com
Why is the KEL Line at times flat, at times diagonal?
During earnings season the line moves. If I calculated it each day during earnings season it would approximate the diagonal line that I have drawn.
So in summation. This is what I get from the comments and chart. The white line represent the key earnings dates, which may or may not include FMOC dates. These dates are extremely important, they kinda serve like pillars keeping the whole scaffolding up. We can see from the chart that the support has been tested and found support, thus the market should be long from here.
Cyclewise the DJIA and SPX500 should print a daily cycle low today or Monday and start a rally to new highy soon.
2use chartwatchers
any chart about it?
https://docs.google.com/spreadsheets/d/1lCbBNpb5SoRE5YSLgHEt3uBZ0aG1dnxVF1oacrm8z2c/edit?usp=sharing You can see my work here at Google Sheets that shows how I derive the value of the KEY SUPPORT/RESISTANCE line for the DJIA
Checked the remaining DJIA elements and found that we are just 7 points UNDER the KEY SUPPORT LEVEL, instead of 7 points OVER. I had missed that KO had reported already. I used 90 days after the last reporting period as a guesstimate. Does anyone want to do all of the detail work for me on this spreadsheet?
This has been extremely effective in my experience.
I recall having shorted DIA against the (back then still forming) key level back in December 29th for instance.
It held as resistance and we had that nasty correction afterwards...
Feedback from the KEY HIDDEN LEVELS CHATROOM - Q: The line looks like a VWAP or a "Value Line"? A: Yes re "value line" and like a "vwap" but only the important volume, which is right around when the company reports earnings. Many days are not that important in the market - knowing which days ARE important and focusing on those can really help, like FOMC days and OPTIONS EXPIRATION days.
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