Closing hour:
Big bounce for NQ off the 1972 level mentioned earlier. That should hold today. If it doesn't and we retest the 1969.25 low, we could have more downside tomorrow. Note that NDX 50 dma is at 1948 if we do break lows for NQ.
I warned shorts to book profits on what was a 9 to 1 down volume day on NYSE and actually even went as far as 10 to 1. That is often a swing buy signal. This does NOT mean we have a long lasting bottom, far from it. But we will get rallies.
Big bounce for NQ off the 1972 level mentioned earlier. That should hold today. If it doesn't and we retest the 1969.25 low, we could have more downside tomorrow. Note that NDX 50 dma is at 1948 if we do break lows for NQ.
I warned shorts to book profits on what was a 9 to 1 down volume day on NYSE and actually even went as far as 10 to 1. That is often a swing buy signal. This does NOT mean we have a long lasting bottom, far from it. But we will get rallies.
This entry was posted
on Thursday, July 26, 2007 at 7/26/2007 03:23:00 PM.
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