The DOW close on Thursday left a hammer right at the 200 dma. No looking back on Friday (unless you traded overnight futures) after the Fed decision. Where do we go from here? Resistance will be a confluence of various key levels: 10 dma at 13220, 38.2% of the March rally at 13227 and the big prize, June lows at 13259.86. Whether or not we put in a bottom (temporary or otherwise), there is a pretty good chance we will do some backing and filling. Watch the above levels, especially on a closing basis.
I am on vacation until Thursday, so I won't be posting charts. However, I will still trade and offer occasional insight. Trade light and trade tight the rest of the month.
I am on vacation until Thursday, so I won't be posting charts. However, I will still trade and offer occasional insight. Trade light and trade tight the rest of the month.
This entry was posted
on Sunday, August 19, 2007 at 8/19/2007 09:26:00 AM.
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