Some resistance is building at NQ 1700. It's now the old July trendline support, lost, regained and lost again (black line on the chart). Call resistance is also building at QQQQ 42 as buyers pile on to calls there, lowering the pc ratio from .75 to .65. All this points to some difficulty for bulls to hold ground above 42. With strong put support at 41, we might very well be confined to a trading range that leaves little room for error. Markets awaiting the INTC update on Thursday after the close. Bulls could regain control very quickly if the news is bullish. If it just re-affirms, it might be a short-lived bounce, as has been the pattern in December.
This entry was posted
on Wednesday, December 07, 2005 at 7:27 PM.
