All major stock indices closed the week below their respective 20 day moving averages, and that includes the SOX (semi-conductor index). Technically, there really isn't much to say other than bulls better get back above those key levels soon or the lower B-bands on the daily will get hit. As for our YM short trade, it is doing fine. The 20 DMA is at 10640 and we closed at 10598. Weekly pivot will be at 10620, making the zone between 10620 and 10652 (61.8%) a must for bulls to get back on a closing basis. Monthly pivot is 10500 and weekly S1 is 10504 and that looks to be hit on the downside very soon. That is our minimum target for the short from 10716. Stop stays at 10765 for now. If you went short lower, you can adjust the stop to just above 10694, June highs.
This entry was posted
on Sunday, August 14, 2005 at 12:39 PM.
