4 replies to this topic

[TechMan]

Today, the NDX closed below 2331.31, the long term 38.2% Fibonacci Retracement between 2000 high and 2002 low. Like I've iterated before, that 2331 level works like a magnet. So, while this is longer term bearish, it could find some support here.

My system indicates a likely bounce for tomorrow.

The Japanese yen and Treasury yields were positive divergences in today's selloff.

And, the Dollar continues to stay below 9600 and below the trendline since last night.

The DJ FXCM Dollar Index fell below 9600 and thus the trendline ahead of Asian session.

[CLK]

I agree, higher. I think the st chart you posted yesterday will be good for a couple weeks.

[TechMan]

I agree, higher. I think the st chart you posted yesterday will be good
for a couple weeks.

Sorry to disappoint you, buddy, but I'm only looking at a day or 2 of bounces.

Even though the Dow had only lost 54 points today, some of my intraday internals were as bad as July 11, June 1, and Aug. 10, 2010. I'm also still on a SELL signal, so I'll continue to sell into these bounces.

Edited by TechMan, 14 July 2011 - 10:32 PM.

[q4wer]

I am the one to fade. I just don't know how the market can go up from here in front of so much mess ... straight down is my basic dinstinct.

[TechMan]

Just a quick update.... CSCO has held 15.47 critical support as well as the 20 DMA. It's probable for a "long" shot for $16 target. Meanwhile, taking a swing long position over the weekend may be worthy of consideration. Good luck ya'll....

Edited by TechMan, 15 July 2011 - 10:25 AM.