Quick glimpse at overnight action as I get sporadic internet access on the road. YM bids right back up above 20 DMA as the daily 2 period RSI bottoms out. Resistance will be 12708/12710, but the key level for bulls to regain will be 12734/12736. We will find out soon enough if this is just an oversold bounce or the start of another leg up. Regardless, any new rally that does not close OEX above 670 confirmed by NYSE +9455.30 will remain suspect. Look out above should we breakout out from those levels. Below that, we could be stuck in rangebound trading, or even correct further should the DOW fail to regain its 20 DMA at today's close of trading. Keep it simple.
This entry was posted
on Monday, February 26, 2007 at 2/26/2007 05:02:00 AM.
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2/26/07 7:34 AM"YM" is synonymous with the Dow Jones 30 Industrials average? Some of the notation you use is not familiar to me. I get your drift but I can’t find exactly a chart that says YM, so I use the DOW 30 Industrials. Maybe you could put a link to a page that defines the acronyms you use. It would be helpful.
2/26/07 2:01 PM
YM is the symbol for e-mini DOW futures. I quote futures most of the time, unless we are panning out to weekly and monthly. For a quote on all types of futures, go to www.barcharts.com
2/26/07 2:56 PM
Thanks, I found the site. Looks like today was a struggle for bulls today. OEX was weak and plunged well through the 50 day MA and may come to close right on it. Lets see if it holds. If the TNX would change its trend... Id be set. We just cant seem to get a clear course set for the market. 60 minutes left and INTC looks ready to roll over.
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