BIX (Banking) falls below 20 DMA at 398.50. That sector is weak and usually means some ES weakness, but the low volume today is making it easy to spring traps either way. Oil is holding 58 support area. Semis are doing well and are definitely helping the bulls. There are also some post expiration trades going on.
That triple top formation for NQ/ES is not looking very secure for bears right now. If ES presses on above 1408, next resistance is 1410. It looks like equities are having a very optimistic view of the upcoming retail numbers.
VXO still in lala land at 9.54 and VIX at 10.02.
The DOW could draw the line at 12350.
That triple top formation for NQ/ES is not looking very secure for bears right now. If ES presses on above 1408, next resistance is 1410. It looks like equities are having a very optimistic view of the upcoming retail numbers.
VXO still in lala land at 9.54 and VIX at 10.02.
The DOW could draw the line at 12350.
This entry was posted
on Monday, November 20, 2006 at 11/20/2006 11:14:00 AM.
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