Intraday Market Update
NQ drops 1692.50 and weekly R1 at 1689. ES drops weekly R2. The DELL guidance did not make anyone very happy, but also remember that option sellers want to pin QQQQ below 41.50, so that doesn't help. NASDAQ Advance decline line is the worst off and that is not usually a very good sign. Oil resumes a bid above 59, so the deck is stacked against bulls this morning. Watch COMP carefully, especially right here at old trednline support from October low, turned resistance last week and now support again (2282, see chart). It's also right at 30 dma. Could be supportive.
For you Google watchers, the stock bounced off the 200 dma this week and is now above 361, 61.8% support. GOOG must hold that level, or we risk going back into that gap from last year and closing it at 303. So a key day for GOOG going forward. Resistance is 383, then 395. If long, move your stops up to 359.
This entry was posted
on Friday, February 17, 2006 at 7:50 AM.
