From the daily chart above we can see that Friday's price action filled the bullish gap support and held on a closing basis. It appeared that there may have been some programmed selling taking place in the second half of the session (note the mid-afternoon intraday gap on the 15 minute timeframe). So going into 2007, we have a bull-bear stalemate and price is sandwiched between the 10 and 50 MAs.The weekly timeframe below is still in a bullish stance with price consolidating in a narrow channel closing above support of the rising 10 day EMA.
On a very short-term basis as highlighted by the 15 minute timeframe, look for support in the area of 2415, 2410, followed by 2400. Resistance levels are 2421 (intraday gap), 2425, 2432, and 2437.
Markets are closed on Tuesday for a national day of mourning for former President Gerald Ford. Trading resumes on Wednesday with the following economic agenda: Construction spending and ISM at 10:00; and FOMC minutes at 2:00 EST.
Weekly Timeframe
15 Minute Timeframe
6 comments:
Jamie,
Thank you for the analysis and happy new year.
Christie
Thanks Christie and Happy New Year to you too!
Jamie,
I am long the Q's....
Where do I find the pack of matches to light the momentum to get this going north?
Hey TradingGoddess,
The first week of January is traditionally quite bullish, so let's hope the trend remains intact this year so that the Qs can move up out of this trading range!
Great analysis as usual. Have a great trading week.
Thanks X, and you too!
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