Water water everywhere, not a drop to drink

This phrase somehow is realted to my situation right now.

I did my home work, I managed to estimate the turning of the market and I am able to know that market turned on Wednesday. Yet, I can't buy a single share right now. Why? Because I am flying off to Vietnam by Monday, I am on Business trip for a week! There is almost no way I can track the performance of any counter that I entered. The up-trend should not last long if my estimation of this up trend is correct, it might just be over a week long. Sadly I have to choose to abstain from this counter wave because I can't be in control during the week.

Another thing is bugging me right now. The indices from Asia markets have not been up-dated for the past few days. The last set of data was on 26th May 2010 and the system simple did not have anythign after that. Some time I really don't know what my service provider is doing, I am really considering changing service provider once the term ends next May.


Fig 1 DJIA Weekly Chart

Base on the weekly chart, Dow seems to be supported by the outer arc, and also the 23.6% Fibonacci retracement at 10,120. Further to that, divergence is noted on RSI indicating that it is reversing up.

My take is at the moment is that it will be contained in a congestion band with resistance at 10,495, best scenario is 10,827. Having the 21-week moving average at 10,505, it might be difficult for Dow to pass this level.


Fig 2 DJIA Daily Chart

The Daily Chart is in sync with the weekly chart at the moment, both indicators are reversing up, my only concern is that RSI itself is shoot up FAST and it will reach its peak in no time at all.

I am not sure if I have type this in before, 21-day moving average has already crossed the 89-day moving average. It is an indication of trend reversal! The 21-day moving average is resisting the Dow at 10,438 while 89-day moving average at 10572. The Dow is also at the apex on Gann Grid line, creating an uncertainty on its direction.

I beleive short term wise, it should be up but it is a down trend on long.