Zeev, looking back at the lows in Jan. 2001, April 2001, Sept. 2001, Feb. 2002, and May 2002, there have been a few things in common:
A re-test has happened in 3-4 days after the low was set.
The re-tests came within an average of 1.5% of the low (with the exception of April 2001, but the SOXX set a new low then).
The average rally lasted about 1.5 days. The re-test took over from there.
If that is the case, we have probably no more than half a day of gains tomorrow if we've not already had them all now.
The question is where this stops before the re-test begins.
The high tomorrow could stop at 1445 COMP, 1463, or even 1475 or so. I'm on the side of 1445 if we go higher, and maybe we'll get it in the first hour. If not, we could get a high around 1463 close to noon,IMO.
We rose 5.7% out of the Feb. low and then re-tested the lows. We already went up 4.5%. 1463 would be 6.5%, which could be the sweet spot.
Either way, you're probably not going to get slaughtered staying overnight in the Q. |
