The first chart is a 15 min. NQ futures chart, where we see that the attempt to take out last week's highs fails. The 5 minute chart below with daily pivots shows how failure to hold R1 as support led to a fast trade all the way back down to S1.
The failure of the market coincided with a BO in the $USD. Use the ETF UUP as a proxy for the $USD.
Gold and the $CAD fell, as anticipated on $USD strength. Lots of good shorting opps in gold stocks today. But watch the bullish gap to see if it provides support.
Agchem - failed BO.
Internet was a bright spot amid the market drubbing, but after hours BIDU got crushed so expect a retest of gap support.
What to Anticipate for Tomorrow -Futures look weak following BIDU earnings so despite oversold technicals, we may go lower tomorrow. The SPY has some unfilled gaps which can act as support. So watch the pink lines as potential support areas.
5 comments:
Thx Jamie. I read you all the time but wanted to. Comment
Thanks for reading Max
Great analysis Jamie. Any stocks on FL for tomorrow? What to expect going into tomorrow?
Thx Day Tradr,
Focus list tomorrow is gold, oil, and RIMM. RIMM broke support and 200 SMA today. Not sure if it will continue lower or snap back.
Thanks Jamie.
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