I think tomorrow is full of a bunch of interesting possibilities... but it's options expiration Friday, so we might just get a repeat of today -- a very tight range.
Still, with some good news of some sort, the ndx could hit its 50 dma for the fourth straight day. Would it hold? The 200 is just a few points above that. Gonna be tough. I think that whole 1015-7 area has the 50% retrace of the recent decline, too. On the downside... a gap down could give an island reversal. The SOX wedge would help get us there (and check today's candle on the SMH. Might be a top there -- and a very strong test OVER the neckline of that H+S). Also, the bios look weak here -- check the BBH candle pattern over the last few days.
Non-tech is interesting. The last two days in the dow look kinda like a pretty tight channel going down in a, say, 15 minute chart... but on a daily, kinda looks like the start of a decline, not the end. Dow stopped today between the 38% and 50% retraces of this up move. Inconclusive. Still, if the dow breaks UP from the channel, maybe we get that final high that folks were looking for. It's not my preferred... but we'll see. I am finding it hard all around to count waves hereabouts, so I have to look more at other forms of TA, and they make me lean bearish.
Maybe news flow tomorrow will give us our direction. No major econ reports that I see. Or maybe expiry day means stasis.
the freep, trying to help out ATA's plea. |
