NDX wrap
We are right where bulls could run into some short term trouble. As you can see on this NQ (NDX futures) chart, trendline resistance and 38.2% Jun/Jul has been hit after hours (1882). Support is the 50 day ema at 1876.50. Once we push above 1882, we should move rather quickly to 1918, 50% and coincidentally monthly pivot. That would be right in the middle of the June gap and a potential kiss of death for this rally, at least for August. Right now, we continue to play this day by day with an eye on the prize above. Remember that this is pre-opex week, when we usually get some selling in the latter part of the week.
I should be ready in a few weeks with the new website as well as a set up for following my intraday trades. Many of you have expressed interest in such a format and I will try t0 have it up and running as soon as possible.
This entry was posted
on Tuesday, August 05, 2008 at 8/05/2008 05:51:00 PM.
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