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SWING TRADING COMMENTS
BY: JOHN CRANE
John Crane on Twitter

POSTED FOR 11/20/09 -

December Dow Jones – Dow Jones futures extended overnight losses, as the overseas markets show concern that the recent rally has outpaced the prospects for economic growth. Looking at the charts, I can see the Dow Jones futures reached the reaction line one day before Thursday’s projected reversal swing day. The confluence of Time and Price is suggesting the bullish cycle may have peaked. Friday’s “trail day” pattern could provide a clue as to the next direction.

December Japanese yen –Long from 1.1160 – last price @ 1.1233 – The yen climbed to a two-week high against the euro and the dollar strengthened as stock markets fell, discouraging demand for higher-yielding assets. Technically, the Yen closed on Wednesday as an “inside day” with the closing price near the low of the daily range. Wednesday was also the projected reversal swing date. The two consecutive lower closes, leading into the reversal swing date, formed a bullish swing pattern, confirming a continuation of the upward trend. The subsequent rally traded above the prior day’s high, but ran into resistance at 1.1283, when the Yen reached the descending parallel reaction line. The trend should continue higher into the next reversal swing date due on 11/23. I will give the market one more day to see if it can break the resistance at 1.1285. Hold the long position and move the stop loss to 1.1185, with a target objective of 1.1365.

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