NQ stalled at 61.8% 1554.50 and looks about to correct here. We are 4% above the 20 dma, an automatic red flag. At the minimum, we will visit 1525 again, 50 % and now 10 day ema and further down 1500, right above 20 dma and 38.2% (1495). That would be a good long setup, although the jury is still out on the longer term sustainability of this rally. Above 1555, we have resistance at 1575 and 1588. YM has a gap fom 3/15 at 10781 and that will be what I'll cue off of, if we get there.
click on chart for full size
click on chart for full size
This entry was posted
on Saturday, May 28, 2005 at 10:15 AM.
