Sorry guys, no detailed update today. We are slowly stalling here, many of the other sectors have topped out and not able to make new highs. Some of the crowd favorites (look at aapl) are still rallying however the major industries and equities that normally lead the rally have been unable to make new tops besides the Monday top this week.
NASDAQ positive for the year !!!! Any weakness finds new buyers right away without any retracements of any kind. Remember my upper ranges from yesterday. Suckers rally in the making here, so watch for topping on lower volume. Momentum indicator on the daily dropping while making new highs. Strong sign of reversal.
Good luck, I will try to provide comments if I am available today - if not, remember Fridays and weekends, expect some selling, also the comment provided a few days ago on accumulation of institutions fading - that means they may get ready to take some major profits here.
Mid term wise I see the chance of 900 before we get back beloe 750 so trade with caution and limit trades to small time frames. I would not try to setup for a long term position quite yet. Bears will get their chance, so will the bulls if we do end up seeing higher ranges.
Have a great weekend. looking forward to your analysis next week. we should see major moves first up and then down.
ReplyDelete