JIM:
The NAZ:
As you said "... We've seen 2100 push back the slide several times... Now we see 2057 circling the wagons... If that doesn't hold, there is light support in the 1900 area... If that doesn't hold, there is light support in the 1700 area... After that it's the April bottom at 1600... Given all the negativity it's likely that we'll see a retest of the 1600 area..."
The NAZ has had 3 early down-gaps in the past 4 days.
On June 12 at the start, there was a drop from the 2,170 to the 2,122It was able to close that down-gap at 4.15PM when it traded at 2,174 before closing at 2,162
Yesterday it started with a drop from the 2,121 to 2,085 it tried to rally from the 3PM low of 2,045 to 2,065 at 3.15PM but that rally fizzled and it closed at its intra-day low of 2,043,It was far from closing its down-gap.
Today it started with a down-gap to the 2,010 but it recovered somewhat in the first 15 minutes to 2,027 and it is now up from its intra-day low of 1,992 at 10.15AM, has closed the down-gap and is now on the positive side at 2,046.<g>
The nearest resistance is now yesterday's 3.15PM of 2,065 and of course a larger one at the 2,080 level before it could try to close yesterday's down-gap at the 2,122, It is worth keeping an eye on, since if it breaks its April 4 L of 1,638 there could be more selling pressure.
RAGL
Bernard |
