SOX has fallen below 511 key support and is now hanging on to 38.2% October rally at 503.50. The loss of this level (503.50) would set up a very likely move down to 481/486. However, expect NQ (NDX e-mini futures) to bounce hard at 1636, monthly S1 and close enough to QQQQ 40. More calls have started piling on to QQQQ 41, and although it is still "max pain" and a magnet, it is also shaping up as resistance. There is large put support at 40, so the range is tightening. As I mentioned earlier with GOOG, we are getting near a point where we could get a nice short-squeeze.
This entry was posted
on Thursday, March 09, 2006 at 5:57 PM.
