Warp, notice how stubborn that 1780 level of support has been on the NASDAQ?
Here's how I see it.
The NASDAQ is oversold! Anytime an index is oversold, look for a technical bounce. Of course Wall Street will have to come up with a good story because people aren't receptive to, "the market is due for a technical bounce." So, being the good salesmen that they are, they'll put their heads together and come up with a good story, perhaps even tomorrow.
The bounce may be short lived, but what the hey, you got to eat the elephant, one bite at a time.
The NASDAQ showed a little strength in the last hour of trading. That's an indication that people are expecting some good economic numbers to come out tomorrow. (I forget what is supposed to come out, but something is.)
With Powell now heading to the ME, that may even be a good excuse for some short covering, which in essence, may give the markets a short term boost.
stockcharts.com[h,a]daclyiay[pb10!b50!b200!f][vc60][iut!Lh14,3]&pref=G
Jack be nimble, Jack be quick ...
Take your profits, say the candlesticks.
Folks may want to take profits on any overbought stocks if a rally should occur in the next day or two.
dabum |
