Anyone for longs on the Dow?

FX:US30   Dow Jones Industrial Average Index
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Weekly Timeframe: Last week shows price rebounded strongly from the ignored weekly Quasimodo level coming in at 17135. In the event that further buying is seen this week, we feel there’s a very good chance that price will attack the overall high seen at 18098.

Daily Timeframe: Yesterday was clearly a good day for anyone long the DOW, as price rallied north and closed above a daily swap level seen at 17896. As a result, this has likely opened the door for more upside towards a small daily supply area coming in at 18098-18045.

4hr Timeframe: For anyone who read our last report on the DOW, you may recall us mentioning to watch for lower timeframe buying confirmation around three levels of interest. As we can all see, price reacted just wonderfully to the first level at 17781. Unfortunately though, we were not at our desks to take advantage of this move, and what makes it even worse is that there was a picture-perfect fakeout seen below the low 17777 on the 30 minute timeframe, that had ‘trade me long written all over it’. We do hope some of our readers took advantage of this beauty.

Our team still believes that further upside is likely, at least up until the small 4hr supply area coming in at 18047-18014. However, judging by the rather large wick seen above the 4hr supply area at 17934-17855, we feel a lot more sellers got stopped out here, and as such pro money may sell into this available liquidity for quick profits down to around a small 4hr swap level (which appears to have just happened) seen at 17887(tentative buy orders are seen just above at 17893) before rallying higher towards 18047-18014.

Current buy/sell orders:

• Buy orders: 17893 (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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