Chart Abbreviations:

3BC: 3 Black Crows; 3WS: 3 White Soldiers; BeC: Bear Channel; BeE: Bearish Engulfing; BTC: Buy To Close; BTO: Buy To Open; BuC: Bull Channel; BuE: Bullish Engulfing; DCC: Dark Cloud Cover; EnP: Entry Point; ExP: Exit Point; FW: Falling Wedge; HL: Higher Low; HH: Higher High; HM: Hanging Man; IR: Island Reversal; LBB: Lower Bollinger Band; LL: Lower Low; LH: Lower High; LPP: Lock Profit Point; MBB: Middle Bollinger Band; NABOP: Not A Bottom Out Pattern; NATOP: Not A Top Out Pattern; R: Resistance Line; RW: Rising Wedge; S: Support Line; SLO: Stop limit Order; SMO: Stop Market Order; STC: Sell To Close; STO: Sell To Open; T: Target; TSO: Trailing Stop Order; UBB: upper Bollinger Band;

Tuesday, January 20, 2009

2009-01-20 DJI closed today -332 pts

DJI Daily chart

This is an ugly BeE daily bar, a failure at S4, and closed below S3, the only good part is thin volume, not match to the size of the move today, and chart pattern wise, the possible H&S bottom setup still valid, and S1 still holding.

AH IBM earning lifted IBM into green zone, this is the most expensive stock in DJI 30 now, overweight to the index, so, the positive move in IBM will give DJI a gap up in the morning, and lift the DJI back above S3, the line S6 is penetrated today, so, this trend line is voided here, we need tomorrow to decide if day low today could be another spot to generate a new trend line.
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