If I did not know any better, I might think that tech is going to make another run. The Composite Index bounced from support at 2430, and in doing so, completed a perfect kiss of the 50 day average.
The [[QQQQ]] also bounced from support at $48.00 and seems to be testing the 50 day and 200 day averages. The long tail on the candles show that buyers were not scared to step in a push these back up off their lows. Notice the Golden Cross forming, as the 50 day average crosses back above the 200 day average from beneath.
As long as both prior support and support from moving averages holds, I am very apprehensive to short much of anything tech related. However, should this support break, the market’s lifeline will be severed, and there will be no area of the market left clinging to any uptrend. If this happens, the decline could be very steep.
Wood;
I am planning to keep QID until the DOW hits 12000. To me that is the next bounce. Thank you for the post on QQQQ. I will be on the lookout for a bounce sooner. I do fuck up from time to time.
Larry,
Watch out for shenanigans. The weakness this morning feels too “easy.”
Should those support levels on the Qs and Comp not hold today, your QID is going to make a pretty spectacular move.
Yes i feel it too. It may be a day where it opens with dow under a percent loss and ends with a gain…
You people will all be deballed today.
2 days in a row we are testing support in the Qs. there is a chance it might break today.
OK my period is over…i mustve been dreaming, there is no way dow would end with a gain today.