A few days ago, I commented on the SOX and a possible breakout. It has now happened with a two day close above old trendline resistance and 560 is now in sight if 512 holds. COMP did find resistance near that June 2001 high and NDX could not close above 1744, another key number, so we could be due for a consolidative pullback especially considering all these nagging bearish divergences. I will also add that QQQQ faces a wall at 43 with an absurd put to call ratio. It will be a miracle if the Q's manage to get above 43 for very long. Alcoa just hit YM after hours with a profit warning, so expect some selling pressure tomorrow. YM support and must hold is 10911 (weekly pivot).
This entry was posted
on Monday, January 09, 2006 at 7:28 PM.
