Late day V bottom bounce. The DOW broke down below 10285 trendline support but managed to pick up the pieces when NDX bounced at 1540, 61.8% retrace and 5 points above 200 dma. There is a July gap that is not closed yet. Frankly, I'm surprised we didn't finish the job and it leaves us wondering -- as usual. If bulls can hold on, we might have put in place a bottom for now, although SPX 1212 should be tough resistance. NQ traders, watch 1587 resistance (use for QQQQ). The stop on YM short from 10708 is lowered to 10525.
This entry was posted
on Thursday, October 06, 2005 at 6:52 PM.
