Is the Dow Jones 🐂 Ready to Rumble? | DOW JONES MINI FUTURES ($
🐮 The DOW (DJI, DIA, YM1!, UDOW, etc) is rallying based on recent strength shown by key players like Disney, the banks, Boeing, Exxon, etc. Looking at Dow Jones Mini Futures (YM1!) we can see a new clear bull trend forming... but we also see a clear-as-day support level to be tested to help confirm this rally. Perhaps the shift out of the NASDAQ's COVID hedge plays and into DOW darlings causes a correction in all markets, perhaps bank stocks run up against resistance and need to cool down. Whatever spurs on the retest of support, so be it. The plan here is simple regardless, we are aiming to buy support and catch a ride on the post-COVID bull.
Resource: www.investors.com/ma...stoneco-tesla-apple/ + www.fool.com/investi...y-plans-reopeni.aspx + www.cnbc.com/2020/05...n-to-close-news.html
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1. Fractal Trend is showing an uptrend (Aqua colored bars) on the 4-hour timeframe. This is the first notable confirmation of an uptrend on YM1! and is indicative of the recent strength in DOW holdings.
2. With this strategy, we are looking for long setups in an uptrend and as such want to enter long on retests of bullish order blocks plotted by Orderblock Mapping (Aqua colored lines) and/or bullish S/R levels plotted by Directional Bias (Aqua colored lines).
3. The goal here is to take a long position at the S1 S/R flip since that has been a major price pivot point during the COVID correction.
4. Our stop loss is placed just below S1, with the logic being that S1 will hold.
5. Our target is the R2 highs formed during a dead cat bounce back in March.
6. If S1 doesn't hold, then S2 offers another support level, although the current bullish bias on the DOW would be lost at that point.
Good luck bulls!
Resource: www.investors.com/ma...stoneco-tesla-apple/ + www.fool.com/investi...y-plans-reopeni.aspx + www.cnbc.com/2020/05...n-to-close-news.html
✨ Drop a comment asking for an update, we do NEW setups every day! ✨
Like, Comment & Follow to help the community grow 🎉🎉
---
1. Fractal Trend is showing an uptrend (Aqua colored bars) on the 4-hour timeframe. This is the first notable confirmation of an uptrend on YM1! and is indicative of the recent strength in DOW holdings.
2. With this strategy, we are looking for long setups in an uptrend and as such want to enter long on retests of bullish order blocks plotted by Orderblock Mapping (Aqua colored lines) and/or bullish S/R levels plotted by Directional Bias (Aqua colored lines).
3. The goal here is to take a long position at the S1 S/R flip since that has been a major price pivot point during the COVID correction.
4. Our stop loss is placed just below S1, with the logic being that S1 will hold.
5. Our target is the R2 highs formed during a dead cat bounce back in March.
6. If S1 doesn't hold, then S2 offers another support level, although the current bullish bias on the DOW would be lost at that point.
Good luck bulls!
