2 replies to this topic

[SemiBizz]

Light volume. 2557 intraday high represents the .382. If that was the C point - 2488 is the target of the move. I see more room to rally here to .50=2566 and even .618 = 2374-5. As long as volume stays light the operators can move prices around on low liquidity.
Today's action so far is perfectly normal, light volume retracement. In short we went down on heavy volume and now we're lightening up while we make that b to c leg. Posted below is the SOXX 10 Day hourly. The weak bounce in the SOX is very bearish signal for Nasdaq. We have a raft of economic reports coming next week on a short week. I expect volume to return and a retest of yesterday's low of 2531. It will be a tall order to generate enough volume to blast it through to the target... the 2491 Crash Gap.



http://bigcharts.mar...&mocktick=1.gif

Edited by SemiBizz, 25 May 2007 - 11:11 AM.

[selecto]

I’ll throw in 2 cents here and note that on the 60 cubes 12-1 bar makes a tweezer top and is a penny short of a “key reversal” bar, and on higher volume. From the daily, it looks technically dicey to hold long thru the weekend, so I wonder if we don’t sell off a tad this afternoon.

[thespookyone]

Agree, normal light volume for the move today. Funny, with the end of the day pump, the Naz and Q's basically got no supper. I suspect more of that to come, with the Naz resuming leadership(down of course, hasn't really lead up much in 7 years). I suspect that next week there will be enough breadth and volume to cut through the "crash gap" like a hot knife through butter.