ICmarkets

Our take on the DOW index...

FX:US30   US Government Bonds 30 YR
75 0 1
Weekly Timeframe: The weekly timeframe shows that price is currently trading above the recently broken high 18098. This number should, in our opinion, provide a supportive base for the DOW should a retracement be seen.

Daily Timeframe: We can see from the daily timeframe that price is currently being supported by a small daily decision-point demand area coming in at 18056-18130. This area is, as far as we can see, the last line of defense protecting the 18098 weekly swap level. A break below here would likely open the doors for further downside towards the 17896 daily swap level.

4hr Timeframe: The 4hr timeframe shows that price could not hold out above the 18242 high, and as a result, the DOW sold off back down to the 4hr swap level seen at 18148. Provided that the buyers can hold the market above this level today, we plan to watch for lower timeframe buying confirmation here for the following reasons:

1. Weekly timeframe outlook is for the time being relatively positive (see above).
2. The daily timeframe shows that support is currently being seen in the market (see above).
3. The push above the 18242 high has likely consumed traders (sell orders) attempting to short at this level, thus potentially clearing the path north for further buying.

On a side note, for those who read our last report on the DOW, you may remember we said that if 18242 did not hold, we’d liquidate most of our current long position from 18109. This is exactly what we did. There is now a small position running with the stop set at breakeven.

Current buy/sell orders:

• Buy orders: 18109 (Predicative stop-loss orders seen at: presently set at breakeven) 18148 (Predicative stop-loss orders seen at: dependent on where one confirms this level).

• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).



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