Swing Trading Report Friday, October 30, 2009

By John Crane
29 October 2009 @ 06:27 pm EDT

December Dow Jones - Dow Jones futures rallied today after finding support at the lower ascending parallel line and a "double cross" of the 20-day SMA. The rally was triggered after the GDP report showed growth in the economy, suggesting an end to worst contraction in seven decades. The rebound followed Tuesday's projected reversal swing day and missed the swing low by one day. However, the rally stopped short of entering the 60% sell window and reaching the descending reaction line resistance. The market may have some trouble at this level, so I will need to see another session before taking a new position.

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