Thursday, November 01, 2007

I liked yesterday better

Despite the carnage out there today, the Qs held up relatively well. The Qs opened at S1 and managed to maintain that support until the last 1/2 hour when we got the break to the down side. The fact that the Qs were able to avoid the S2 pivot is further testimony to their strength, since once the break from S1 begins, the S2 pivot is usually close behind. The fact that the break did not happen until the last 1/2 hour may also have some relevance. If weakness continues into tomorrow, then the current S2 level will likely be the first support level to be broken.
The linear regression chart (top) shows the precarious curent level of the Qs. Watch out if we get a close below the lower channel line.
The NYAD started out pathetically and ended morosely. It showed no sign of anything approaching an upside reversal.
The TICK was equally negative, spending the entire day between PP and S1, with frequent forays into the nether regions and closing on a decidedly negative -669.

No comments: