ES retraces 61.8% of the recent decline, but NQ (NDX futures) closes below its 50% mark at 1798. Once again techs are not leading on a relative basis. Semis were in the red most of the session. This was mostly an oil sector rally, although the comeback of the BIX (financials) bears some scrutiny. If bulls can keep that one up and get NQ above 1800, they can reach for new highs. But for now, we have some pretty heavy data coming out tomorrow including Chicago NAPM and jobless claims. Watch VIX 10.85 level and ES 1403 (SPX 1400).
ES prints a bearish divergence on its closing higher high Chart.
ES prints a bearish divergence on its closing higher high Chart.
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on Wednesday, November 29, 2006 at 11/29/2006 05:53:00 PM.
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