Intraday update: The bid in oil is helping SPX/ES hold up, but obviously hurting NDX/QQQQ/NQ. Speaking if NQ, watch critical support at 1560 and as discussed previously, the gaps below that. The SOX has taken a beating even with the strong opening bid for Intel. The Nasdaq Advance decline line is only -14 so far, whereas TRINNQ is in sell mode at 1.75. This tells us selling is concentrated in a few big issues, but the overall trend is still more chop.The TRAN (Transportation index) (chart) is on a very bullish course with 5 dma support holding up for the past six sessions. Keep an eye on that level currently at 4766.
This entry was posted
on Tuesday, June 27, 2006 at 7:35 AM.
