As depicted above, the SPY is testing its
trendline which has been holding since August 2010. The high volume selling over the past week, in addition to the lower high from the last
trendline bounce leads us to believe the
trendline will be broken.
The first day of a new month and there were no buyers. We weren't surprised. As discussed in last night's post, we expected the
Nasdaq futures to retrace between 62-78% and reverse. That gives us a lower high and now we expect a lower low to follow very shortly. My prelim. target is 2250 or 1.272 Fib. ext. as depicted above.
Of the three focus list shorts, highlighted last night, only one triggered.
ACOM gave us a fast move down right out of the gate. After three consecutive days lower, we expect the name to consolidate.
As depicted above, the SPY is testing its trendline which has been holding since August 2010. The high volume selling over the past week, in addition to the lower high from the last trendline bounce leads us to believe the trendline will be broken.
The first day of a new month and there were no buyers. We weren't surprised. As discussed in last night's post, we expected the Nasdaq futures to retrace between 62-78% and reverse. That gives us a lower high and now we expect a lower low to follow very shortly. My prelim. target is 2250 or 1.272 Fib. ext. as depicted above.
Of the three focus list shorts, highlighted last night, only one triggered. ACOM gave us a fast move down right out of the gate. After three consecutive days lower, we expect the name to consolidate.
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