Markets traded to intraday targets, Qs 30.19, SPX 902.37, DOW 8719, and Nasdaq 1588.20 closing near at the supports as shown on the 60m charts: Qs 30.19, SPX 906.65, DOW 9769.70, and Nasdaq 1599.06. The correct which we have today is about 50%+/- of the holiday rally during 12/29/08 - 1/6/09.
We are now heading into earning pre-announcement period such as we heard a revised lower earning guidance from INTC, thus, we will see volatility.
Intradays are now becoming oversold and daily closes are showing potential reversal formations with hammer/doji formations as noted massive neg divergences yesterday.
I will be looking for a confirmation for reversal on daily price actions. Good luck
No comments:
Post a Comment