Next few days could be very interesting.
Today was a critical day, as Naz bumped its head against upper bound trendline, and fell back.
Fascinating how deserted SI is overall- perhaps summer doldrums, perhaps recent technical problems, perhaps indicative of pain Naz has inflicted over the last few months.
QCOM looks bad, a high volume down day here would trigger a nasty sell-off. ORCL, CSCO, semis etc all shaky, only bios holding- so far.
Once again, risk/benefit ratio has gone bad, IMHO. Psychology, as usual, is key, as are not near levels where stocks are "cheap". After pain of Spring, will not take much to give us a few hundred points down. 200 day Naz SMA at 3780, 50 day at 3710, and gap filled at 3583, all should attract buyers. A better question is whether any of those levels will hold....
I do not short stocks, but any shorter who studies charts is licking their chops right now. |
