Tuesday, March 24, 2009

Technical Picture - Markets Falter after Retest of Highs

Fractional new highs for the DOW and S&P, unconfirmed on the NASDAQ, before faltering and selling off in late afternoon. I see gap support as depicted on the XLF for both the S&P and NASDAQ futures. The NASDAQ appears stronger as it has yet to break the trend channel. I'm expecting more weakness by virtue that XLF and S&P failed to recapture their respective channels.



9 comments:

Jim said...

Jamie (dude),
Are you really going to be on vacation for ~8 wks? Can you stay away from trading that long??

Jim said...

... ~7 wks...

Jamie said...

Yeah, that's the plan. We'll see what happens. The first week will feel like withdrawal, but I'll get over it.

anarco said...

Enjoy your well deserved time off!!!
If by any chance you come to my area, let me know.
Cheers,

Jamie said...

Thanks Anarco,

One day I hope to go to California on a wine trip. Waiting for better FX against $USD. $CAD, sadly, is barely scratching $0.81.

Cheers!

Jim said...

Jamie,

You definitely deserve a vacation. You have been logging a lot of time and many great trading posts. I hope you have a very relaxing break.

Jamie said...

Thanks Jim,

I'm glad I wasn't on vacation these last three weeks, but looking forward to a break now.

Day Tradr said...

Jamie,

Enjoy your well deserved vacation.

Jamie said...

Thanks Day Tradr