The $
SOX got a pop in early trade, a technical bounce.
INTC and
LCRX are the only semis in
my WL and
LCRX had a much nicer chart. Place the fib.
retracement lines from yesterday's high to the
ORL for stocks that gap. The trigger bar is a
NRIB at the base of the 38%
retracement level. I took a partial at $16.50 and exited the balance at the full
retracement.
Last Thursday's low (blue line) did not hold as support as noted in last night's technical post. That broken support level now becomes resistance. The S&P futures rallied to that level in the morning, carved out a combined
tweezer top-shooting star reversal pattern (very bearish), setting up a short. Prices swooned all afternoon extending to the 50% level from the
ORL.
The $SOX got a pop in early trade, a technical bounce. INTC and LCRX are the only semis in my WL and LCRX had a much nicer chart. Place the fib. retracement lines from yesterday's high to the ORL for stocks that gap. The trigger bar is a NRIB at the base of the 38% retracement level. I took a partial at $16.50 and exited the balance at the full retracement.
Last Thursday's low (blue line) did not hold as support as noted in last night's technical post. That broken support level now becomes resistance. The S&P futures rallied to that level in the morning, carved out a combined tweezer top-shooting star reversal pattern (very bearish), setting up a short. Prices swooned all afternoon extending to the 50% level from the ORL.
2 comments:
Hey Jamie,
I like the 5 DMA. LRCX certainly respected it today.
Hey Jim,
Yeah, the 5 DMA is a good addition to the TA and you know things are really bad when no WL stocks are trading above it.
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