Noon update:
Another failure for YM at 50 dma (13655)and both NQ and ES are trading below yesterday's highs. The internals are bullish, but note how we went back up to test YM 13650 right before lunch but the VIX was making higher lows on the move.
Bulls want YM to break back above 13650, yesterday's high. So far, DOW 13600 is holding them back as is ER 800, now that they sold 805. Tricky day, but traders would be well advised to remember that there are lots of folks dying to get out of stocks on any rally. This is August and I doubt it will be a repeat of last year's anomally.
Watch ES 1499.50, resistance during lunch (50% of the correction).
Another failure for YM at 50 dma (13655)and both NQ and ES are trading below yesterday's highs. The internals are bullish, but note how we went back up to test YM 13650 right before lunch but the VIX was making higher lows on the move.
Bulls want YM to break back above 13650, yesterday's high. So far, DOW 13600 is holding them back as is ER 800, now that they sold 805. Tricky day, but traders would be well advised to remember that there are lots of folks dying to get out of stocks on any rally. This is August and I doubt it will be a repeat of last year's anomally.
Watch ES 1499.50, resistance during lunch (50% of the correction).
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on Wednesday, August 08, 2007 at 8/08/2007 12:16:00 PM.
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