Update 3
Bears are slowly gaining control again, especially in techs. QQQQ below 50 dma now and looking weaker by the minute. SOX was the red flag. I have kept mentioning 511 resistance and like clockwork, it pretty much marked today's top. The day is not over, but bulls are definitely looking tired. Short ES from 1318.50 and QM May contract from 65.30 (or April 63.70). I guess the air attack in Iraq prompted some short covering in oil, but as long as we stay below today's highs, the pressure will remain to the downside there as well. Keep all stops tight, this is still option expiration week and if you wonder why you are experiencing severe trader whiplash, look no further.
This entry was posted
on Thursday, March 16, 2006 at 11:56 AM.
