The squeeze is on, but look for option resistance at QQQQ 44. YM has resistance at 12669, confluence 61.8% and 10 DMA. ES resistance is still weekly pivot at 1446.
NQ backed off from 1798 (which is QQQQ 44 and 50 ema 30 mn) and is now struggling with an old foe, 1793.25 (61.8% 2007). Internals are bullish except for SMH, still trading under its 200 DMA (semi-conductors). Once shorts have been whacked, the action could settle down ahead of tomorrow, a big Fed day, with Bernanke on deck and retail sales. The yield on the ten year is now comfortably trading above 4.8% and oil picked up an inflationary bid.
Intraday YM support will be weekly pivot at 12641, expect lunch chop between that and 12663. Keep an eye on NQ 1793 before getting married to positions.
NQ backed off from 1798 (which is QQQQ 44 and 50 ema 30 mn) and is now struggling with an old foe, 1793.25 (61.8% 2007). Internals are bullish except for SMH, still trading under its 200 DMA (semi-conductors). Once shorts have been whacked, the action could settle down ahead of tomorrow, a big Fed day, with Bernanke on deck and retail sales. The yield on the ten year is now comfortably trading above 4.8% and oil picked up an inflationary bid.
Intraday YM support will be weekly pivot at 12641, expect lunch chop between that and 12663. Keep an eye on NQ 1793 before getting married to positions.
This entry was posted
on Tuesday, February 13, 2007 at 2/13/2007 11:37:00 AM.
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