NQ (NDX e-mini futures) chart. We can see that the downward channel support is around 1555 and 61.8% July rally is 1547. If we can't get back above 1564 on volume (50%), that target is almost a given. QQQQ lost the neckline profiled yesterday at 38.61 and is currently sitting right in the gap. SPX lost neckline support at 1210 and that one is headed for 1200. The DOW is the worst offender, dropping 200 day moving average and 200 day exponential moving average. Not a pretty picture. When the media finally wakes up and becomes bearish, I might think long. Right now, we still have a bit of cleaning up to do. Open positions: short YM (DOW futures) at 10716 (+273 points unrealized, $1375 per contract) and short NQ at 1592 (+18 unrealized, $360 per contract)
click on chart for full size
click on chart for full size
This entry was posted
on Wednesday, August 24, 2005 at 2:41 PM.
