Dow update
Posted By Mike On Feb 2, 2010 @ 1:58 pm In charts | 2 Comments
We followed through nicely on that [1] triangle breakout from yesterday, and we’re now actually into overbought territory on a 30-min scale:
[2] 
Source: Prophet.net
I closed my futures longs just now and actually reversed the position to an extent. 10-min bar is showing negative divergence during this push from 10,200 to 10,300.
What a move in platinum today! Glad I closed that one yesterday. The metal should provide shorts another nice move before long. I just want to see a bit more of the structure play out before jumping back in.
UPDATE (3:15): We got a tiny contracting triangle correction instead of a drop, followed by an upside breakout.
Chart (3:22). Just shorted on account of the overbought 2-min RSI and a pattern of successively lower peaks in 10-min RSI:
[3] 
-
[4] 
- [5]
- [6]
- [7]
- [8]
- [9]
- [10]
- [11]
- [12]
Article printed from The Sovereign Speculator: http://sovereignspeculator.com
URL to article: http://sovereignspeculator.com/2010/02/02/dow-update-2/
URLs in this post:
[1] triangle breakout from yesterday: http://sovereignspeculator.com/2010/02/01/looking-better-for-the-bulls/
[2] Image: http://sovereignspeculator.com/wp-content/uploads/2010/02/020210-dow-20-day.gif
[3] Image: http://sovereignspeculator.com/wp-content/uploads/2010/02/2210-spx-2-min.gif
[4] Image: http://sovereignspeculator.com/wp-content/uploads/2010/02/2210-spx-10-min.gif
[5] Image: http://digg.com/submit?phase=2&url=http%3A%2F%2Fsovereignspeculator.com%2F2010%2F02%2F02%2Fdow-u
pdate-2%2F&title=Dow%20update
[6] Image: http://del.icio.us/post?url=http%3A%2F%2Fsovereignspeculator.com%2F2010%2F02%2F02%2Fdow-update-2%2F&
amp;title=Dow%20update
[7] Image: http://www.facebook.com/sharer.php?u=http%3A%2F%2Fsovereignspeculator.com%2F2010%2F02%2F02%2Fdow-upd
ate-2%2F&t=Dow%20update
[8] Image: http://www.mixx.com/submit?page_url=http%3A%2F%2Fsovereignspeculator.com%2F2010%2F02%2F02%2Fdow-upda
te-2%2F&title=Dow%20update
[9] Image: http://www.google.com/bookmarks/mark?op=edit&bkmk=http%3A%2F%2Fsovereignspeculator.com%2F2010%2F
02%2F02%2Fdow-update-2%2F&title=Dow%20update
[10] Image: http://www.newsvine.com/_tools/seed&save?u=http%3A%2F%2Fsovereignspeculator.com%2F2010%2F02%2F02
%2Fdow-update-2%2F&h=Dow%20update
[11] Image: http://reddit.com/submit?url=http%3A%2F%2Fsovereignspeculator.com%2F2010%2F02%2F02%2Fdow-update-2%2F
&title=Dow%20update
[12] Image: http://technorati.com/faves?add=http%3A%2F%2Fsovereignspeculator.com%2F2010%2F02%2F02%2Fdow-update-2
%2F
Click here to print.