Like I said the other day next stop $25-30, dammit I hope I am way wrong on that one.
I agree with you on this account. Even though I have an order in near support, I truly hope it never gets filled.
Honest.
However, I think that today's action, while a nice relief rally and possible reversal of yesterday's gap-down (as we gained more today than we lost yesterday), I'm still not convinced. I believe we would need to trade decisively above $55 to call a bottom to this downtrend line.
siliconinvestor.com
On the hourly chart, we are now essentially overbought and can expect downside at tomorrow's opening. We all hit a wall against expected resistance here at the $46 level. Furthermore, today's volume was lower than yesterday's, if only by 200,000 shares.
Still waiting for the IQC daily charts to update, but this one may be a nice substitute:
askresearch.com
askresearch.com
I'm truly hoping that I'm wrong about revisiting the October lows on the Naz at 2,800. If the market has priced in the .50 point rate hike and AG only hikes .25, it could prove to be a real boost to the market psychology. OR.... the market could sense that the Fed is not being as pre-emptive as it could be, perceiving that they will extend the rate hikes farther into the summer and fall. Some feel that they would just like to get the 1/2 point hike over with and go from there.
Will be an interesting event to see how the market psychology plays out and whether folks will be convinced to start buying stocks again.
Regards,
Ron |
