It could have been worse, a lot worse. QQQQ holds above 10 dma (36.25, exact support today) and the 5 dma at 36.33, keeping for now the bullish cross alive, but barely. Nevertheless, it was a disappointment for bulls. They will take some comfort in ES holding the 50 dma at 1267 but SPX closes below the 200 dma, so we have a mixed picture with a slight bearish bias. Keep an eye on the SOX. Today, it held 400 and that was no small feat given the tremendous pressure bears put on late in the day. As you can see on the QQQQ chart, VAP (Volume At Price, black lines on the left)) shows considerable activity in the past at 37, but it tapers off right after that until 38.50 zone.
This entry was posted
on Thursday, July 27, 2006 at 2:22 PM.
