ISM dropped more than forecast and the prices paid less than forecast. Link Markets are hanging on to the perception Feds will take this slowing into account, but some of it is mitigating by a lesser drop in prices paid than thought. NQ is barely clinging on to the pivot. SPX is right above its 50 dma, but ES is not there yet. The SOX is holding on to 10 day ema. Oil is back above 61.8% (73.75), even with the economic slowdown news, and that is support going forward and a drag on a further NQ push. Looks like a test of 74.95 likely soon, but it could find sellers. Weekly R1 for NQ is 1623 and that would put QQQQ right at or near 50 dma, my exit target on any longs at this point (39.50). Usually, on these holiday shortened days, bulls carry it. It remains to be seen if it will be into the close.
This entry was posted
on Monday, July 03, 2006 at 7:57 AM.
