Out take on the DOW right now

FX:US30   Dow Jones Industrial Average Index
192 0 1
U.S. stocks took a right clobbering going into yesterday’s American session, dropping around 140 points by the session’s end. In our previous report on the DOW, our team highlighted that they were interested in shorting from the H4 resistance line at 17920, but would not commit to a position unless there was lower timeframe confirmation to support a sell. Unfortunately, there was little price action, at least as far as we saw, to permit a short. Well done to any of our readers who jumped in on this one!

From the H4 chart, you’ll notice that price is now beginning to bottom out around H4 demand seen marked with a green circle at 17663-17702. Although price is currently holding here, we feel it may be short-lived due to the more attractive zone sitting just below. Check out the H4 Quasimodo support at 17606 which ties in perfectly with weekly support. Furthermore, directly below this level sits demand at 17575 which is positioned only a few points above daily demand at 17396-17554. These two higher-timeframe barriers form a very nice buy zone (yellow area) in our opinion, and is certainly somewhere our team will consider buying should price reach this low this week. Whether we enter at market here or not though will depend on how price approaches the buy zone and also the time of day. However, more than likely we’ll wait for a lower timeframe entry within our buy zone due to the possibility that price may fake slightly lower to connect with the aforementioned daily demand. To see how we look for lower timeframe confirmation, please see the link below and follow our techniques written at the top of the report.

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