We got a bounce at the close, but it's not an all clear. ISE is at 163, a pretty optimistic level, not what you want to see on a heavy down day from a contrarian standpoint. We might not be entirely done yet, although today's closing action did leave a nice tail. It just needs follow through, or at the very least, no lower lows.
NQ did not hold its 50 dma (2127)on the closing snap back squeeze, keep that on your radar. As for ES, 1486, 50%, is a problem. We could be stuck in a range between 1462 and 1486 until next week.
We are going through the nuclear version of pre-opex Thursday, normally it sets up rallies, but these day, "normal" is triple digit moves that can go either way.
Consumer sentiment at 10AM.
NQ did not hold its 50 dma (2127)on the closing snap back squeeze, keep that on your radar. As for ES, 1486, 50%, is a problem. We could be stuck in a range between 1462 and 1486 until next week.
We are going through the nuclear version of pre-opex Thursday, normally it sets up rallies, but these day, "normal" is triple digit moves that can go either way.
Consumer sentiment at 10AM.
This entry was posted
on Thursday, November 08, 2007 at 11/08/2007 09:37:00 PM.
You can skip to the end and leave a response.
» Post a Comment