Noon update:
They sold YM 13870 at the open and never looked back. After a lower low from yesterday, we have mounted a small comeback, but 13826 is still a problem. NQ also did a lower low and as long as it can hold 2015 the rest of the day, we coud see a bid forming. GOOG is dragging NDX down.
VIX hit an extreme at 19.46 and that could be supportive. Oil is back at 75, gold is being hurt by a stronger dollar. YG support is 774, 770 and 668.
Remember to keep an eye on COMP 2646. I mentioned yesterday that if SPX can't get above 1521/1522 (50 dma), sellers could still be a problem. That is still the case.
Yields are not going up on the higher dollar, which is a divergence.
All in all, a rough day to trade unless you are just scalping. This is often the case after big days.
They sold YM 13870 at the open and never looked back. After a lower low from yesterday, we have mounted a small comeback, but 13826 is still a problem. NQ also did a lower low and as long as it can hold 2015 the rest of the day, we coud see a bid forming. GOOG is dragging NDX down.
VIX hit an extreme at 19.46 and that could be supportive. Oil is back at 75, gold is being hurt by a stronger dollar. YG support is 774, 770 and 668.
Remember to keep an eye on COMP 2646. I mentioned yesterday that if SPX can't get above 1521/1522 (50 dma), sellers could still be a problem. That is still the case.
Yields are not going up on the higher dollar, which is a divergence.
All in all, a rough day to trade unless you are just scalping. This is often the case after big days.
This entry was posted
on Wednesday, July 25, 2007 at 7/25/2007 12:46:00 PM.
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