madtrader]
Mon Jun 24, 12:24am PDT Market
After further checking the intraday charts, perhaps a bit of a murkey picture developes. I couldn't help but to notice the positive divergences showing on short term intraday charts. For example, on 15 minute charts, just about all the major stock indices are showing some forms of positive divergence on momentum measures. I use 28 bar reference for momentum, coupled with 28 bar moving average for crossover signals. Of course, none of the momentum measures are in positive territory. But the action for Thursday and Friday seems to indicate the selling pressure might be receeding. I would still like to see a gap down of some sort on Monday morning. But it might not happen, considering the tone in this weekend's Barrons. In either case, I am watching NASDAQ COMP 1450 for a bull reversal signal. none.
[madtrader]
Fri Jun 21, 12:56pm PDT $COMPX
$NDX.X
$DJI
$OEX
QQQ
Since last Friday's low didn't hold, I am going to have to use last Friday's low and the June 18th recovery high for the Fibonacci projection. The first natural turn around level should be the 162% retracement level. That would be around 1370 for COMPX, $24.50 for QQQ, 989 for NDX, 8973 for DJI, 469 for OEX. none.
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[madtrader]
Fri Jun 21, 12:44pm PDT market
short of a miracle, we are going to see gap down on Monday. The odd part is VIX is still down for the day and gold isn't behaving much. |
