Hey Terry,
Not trying to go against the grain here (and if anyone questions my motives, I'm the first to acknowledge that I've learned more from you, Terry, than anyone else on SI), but I honestly don't think we will get much of a selloff just yet - too easy of a call.
Looking at past scenarios like the one we have here, I think we will start seeing some sideways, but choppy action at these levels, with likely a spike/push to well above the 38 Qs.
Terry, please look at this chart:
stockcharts.com[h,a]daclyyay[dc][pi!d20,2!f][vc60][iUk12!Up14,3,3]&pref=G
I don't see the volume overhead at 38.00, but instead at 38.50 area. BigCharts shows the same picture. Maybe you have some other data I don't have that reveals a different picture.
OTOH:
If we break 2040 on the NAZ (37.50 Qs) then I'll admit the above scenario is out the window and we're quickly on our way to the 2005 gap fill.
J.K. |
