Intraday update: NQ weekly R1 is 1595.25, right above a potential breakout of the current triangle at 1590/1593. Watch that line and a possible formation of an uptrend channel. Of course, a strong failure at 1590/1595, would postpone that event. Support is firming up at a rather steep upward trendline, currently 1566. Note the possible 20 dma stumbling zone at 1580. A break below 1560 (61.8%) undoubtedly sets up an attack of the June gap below and as mentioned earlier, weekly S1 at 1551.25.
For now, TRINNQ is mildly supportive of this bounce, but VXN is not turning red yet, so caution is warranted.
This entry was posted
on Monday, June 26, 2006 at 7:45 AM.
