Pre-open:
The selling continues. Nothing like February, but definite pressure. NQ lost 1900, but found support at daily S1 (1894.75). The Yen is down as traders seek safety in the dollar and US bonds.
This is going to be a tough day to trade as the drop in rates could be supportive but there is some fear. I would look at ES 1515 (20 dma) for clues. Crude oil is actually up.
In truth, the market is more concerned with the data coming out Thursday and Friday once the noise clears.
For techs, look at COMP 2531 and QQQQ 46.33 for support should we head lower. NQ weekly S1 is at 1882. should we lose 1893, 61.8% last week.
We have Fed minutes at 2PM.
The selling continues. Nothing like February, but definite pressure. NQ lost 1900, but found support at daily S1 (1894.75). The Yen is down as traders seek safety in the dollar and US bonds.
This is going to be a tough day to trade as the drop in rates could be supportive but there is some fear. I would look at ES 1515 (20 dma) for clues. Crude oil is actually up.
In truth, the market is more concerned with the data coming out Thursday and Friday once the noise clears.
For techs, look at COMP 2531 and QQQQ 46.33 for support should we head lower. NQ weekly S1 is at 1882. should we lose 1893, 61.8% last week.
We have Fed minutes at 2PM.
This entry was posted
on Wednesday, May 30, 2007 at 5/30/2007 08:37:00 AM.
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