Finally, some positive developments worth noting. The COMP (daily chart)closed the November gap (see previous posts) followed by a strong reversal into the close and the SOX did a clean bounce off 50% 2004 H/L (weekly chart). However, advance/decline lines were negative at the close and we don't yet have any confirmation a bottom is in. But there are definite signs of seller fatigue and some bulls stepping to the plate. COMP needs to close above 2175 and QQQQ above 38.97 before we can start calling short term trend reversals (5 day moving averages).
This entry was posted
on Wednesday, May 24, 2006 at 7:08 PM.
