Sunday, January 6, 2013

The Dow Jones - Ichimoku Study - Week: 31 December to 04 January, 2013 - Advantage Bulls

                             .....Regulars can skip below and go straight to the chart......

Introduction can be read at this link (click). 

Quick Reference : 
Chikou Span - pink line,
Kijun Sen - blue line, 
Senkou Span A - black line, 
Senkou Span B - grey line, 
Kumo - grey shaded area,
Tenkan Sen - red line.

Previous Signals seen on DJI 30 - Week Chart (EOW) marked on chart as per notes below

The Kumo Breakout: Strong Bullish  Signal (B)
The Flat Kumo: Bearish Signal (Ko)
The Chikou Span Cross:  Strong Bullish Signal (cC)  
Tenkan Sen Cross:  Strong Bullish Signal (Te)  
The Tenkan Sen/Kijun Sen Cross:  Weak Bearish  Signal (T)

The Kijun sen cross:  Strong Bullish Signal (K) 

Dow 30 - End of  Week Chart (EOW) - Analyzing 12 months Data - as on 04 Jan '13

Learning from the Past Week: (click here for the post)

Bulls did hold the Critical Tenkan Sen last Week #2.
We also have a range break to above the Kijun Sen #2.
The Chikou Span neatly deflects away from the Price #1.
The Senkou Spans slightly diverge away from each other #3.
The Oscillator ticks up #4.

The Bulls come back from the critical Tenkan Sen with a bounce, taking the index close to the Highs of last year.

Looking Forward into the next Week:

A Senkou Span Cross #3 - if it happens from this position - is still bad news for the Bulls.
Bulls now would look at a Bullish Tenkan Sen / Kijun Sen Cross #2.
Bears need the index back below the cluster of supports MVWAP 34, Kijun Sen and Tenkan Sen #2.

Holding above the Kijun Sen, Bulls should look at taking out last year's high.