Today was an important day for bulls. They managed to close QQQQ/NDX/NQ, the SOX and the DOW above their respective 20 day moving averages. ES/SPX still below that level as is the COMP, but usually, NQ shows the way and it seems it is up. Now before we get too excited, note that many calls have been piling on to the QQQQ July 39 strike, which could build up some resistance as we get closer to July option expiration. Short term, this is bullish as more traders jump in long the market, but it could stall us starting from the second week of July. Just keep this in the back of your mind and don't be afraid to book profits. Nevertheless, a good day for bulls which just shows you how much can be accomplished when the Feds keep their mouth shut, even for a day.
This entry was posted
on Wednesday, June 21, 2006 at 10:10 PM.
