$DIA Analysis, Key Levels & Targets for 10.24.24
OK, so the bottom of the implied move for the week and the top of the implied move for the day overlap with a bear gap. That is a very interesting signal and something that I have never seen before. So, getting back into the implied move for the week could be a challenge, which is above 427.
Without being sad, the implied move for today is between 420 and 430. To the upside, we have the 30-minute average, and right above that, the 35 EMA. Those two levels need to be watched carefully because they will determine direction. If that 35 EMA (the red line) crosses underneath the 30-minute moving average, then we are bearish after a pretty good run. But, we can, of course, bounce here. When I say bounce, I am talking about the 35 EMA, but where futures stand right now, a crossover underneath is more likely at this point.
And at the very top of the implied move today, right there at the bottom of the implied move for the week, is that bear gap that we made yesterday. We bear-gapped and dropped away from the 35 EMA; that is 430 on the high side, 427 on the low side.
And then underneath us is that one-hour moving average, which did catch us almost to the penny yesterday. Below that, 420 is the bottom of the implied move if we do break that one-hour moving average with conviction.
It does look like we lost our 427 support that we made after PPI earlier in the month.
Let me know what you guys think and GL.
Without being sad, the implied move for today is between 420 and 430. To the upside, we have the 30-minute average, and right above that, the 35 EMA. Those two levels need to be watched carefully because they will determine direction. If that 35 EMA (the red line) crosses underneath the 30-minute moving average, then we are bearish after a pretty good run. But, we can, of course, bounce here. When I say bounce, I am talking about the 35 EMA, but where futures stand right now, a crossover underneath is more likely at this point.
And at the very top of the implied move today, right there at the bottom of the implied move for the week, is that bear gap that we made yesterday. We bear-gapped and dropped away from the 35 EMA; that is 430 on the high side, 427 on the low side.
And then underneath us is that one-hour moving average, which did catch us almost to the penny yesterday. Below that, 420 is the bottom of the implied move if we do break that one-hour moving average with conviction.
It does look like we lost our 427 support that we made after PPI earlier in the month.
Let me know what you guys think and GL.
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I am not your financial advisor.
I am not your financial advisor.
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