Noon update:
One little pop higher to NQ's 200 ema at 1931, which got sold. We could be in a range between 1919 and 1929. Key support for NQ is narrowed down to 1916.
Oil is still around 137 and the weaker dollar is not helping matters.
On a bullish note, the slight underthrow for OEX to 592 was quickly bought, pulling the index back above the January lows. We now have a definite marker of vital support for the markets between 592 and 594.
Overall, I would not trust a bounce as long as NYSE stays below 8856/8858. I still think there is a lot of unfinished business below, namely gaps. End of quarter window dressing could be of the undressing type.
One little pop higher to NQ's 200 ema at 1931, which got sold. We could be in a range between 1919 and 1929. Key support for NQ is narrowed down to 1916.
Oil is still around 137 and the weaker dollar is not helping matters.
On a bullish note, the slight underthrow for OEX to 592 was quickly bought, pulling the index back above the January lows. We now have a definite marker of vital support for the markets between 592 and 594.
Overall, I would not trust a bounce as long as NYSE stays below 8856/8858. I still think there is a lot of unfinished business below, namely gaps. End of quarter window dressing could be of the undressing type.
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on Tuesday, June 24, 2008 at 6/24/2008 12:06:00 PM.
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