Dow Support Levels/ Scalping (by eMiniSchool.com)

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11.8DOW77

11.8DOW78

Over the last few months we have been talking about the .35% symmetry support. As the market was falling in August it seemed impossible for the support to hold but it did and from the support we have rallied 1500 DOW points.

It seems like we would have to pullback from where we are now but if we look at the 30 Minute chart you can see the .35% has held again at the 11,600 level. As long as we stay above the 11,600 this market does have a shot at making a new high above the 12,900 high. As of right now the bigger trend and 30 minute trend is stll up. 

It seems like we should pullback but if we can follow through today to the upside we could get a short squeeze from the overbought daily levels as the weekly and monthly chart kicks in. The next two days are going to be very important. Right now the daily NQ candle looks like a DOJI but we still have a few more hours left in todays session.

This is our last bigger picture update from yesterday  http://wwweminischool.wordpress.com/2011/11/08/what-if/

** If you are intrested in day trading www.ScalpingTheMarkets.com is having a free Webinar this Thursday. To join just go to the site and register as a free member and register for the Webinar.

 

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