Right on cue, NQ made a pre-open bid to 50 dma, then sold off. After an afternoon rally, we settled right at 61.8% January (1695). We are consolidating at a very precarious spot, right above an unfilled gap. I doubt we proceed much farther without filling it (1688). Oil fell apart but as I commented last night, it might not be enough. QCOM earnings tomorrow will be market moving. As for the DOW, watch YM 10720, January 3rd low and now important support. Long above, short below.
This entry was posted
on Tuesday, January 24, 2006 at 3:05 PM.
