A good day for the bulls today although I have to wonder how much the bad Nasdaq data contributed to the intraday strength. I especially like the action in the S&P as it broke its downtrend on increasing volume today. Still, I can’t put too much ‘stock’ in any technical patterns with so many companies with earnings reports just around the corner.
Here are charts of the Nasdaq, S&P 500:
As always, I’m taking tomorrow off since it’s expiration day. I have some errands to run in the morning so there likely won’t be a watchlist tomorrow. I’ll be spending the rest of the day and a good part of the weekend ‘tweaking’ my business plan as well as making some modifications to my software/systems setup. Hopefully I’ll find time to make a post or two over the weekend.
Watch for 2317 on NASDAQ to upside..would prevent the rally from turning into an upward 2..2317 = .786 retracement…a failure there at 2317 and drop below 2245 could setup a full corrective 2 to a min. 2197-2200…a rally over 2317 could setup a full upward 3 to 2622..earnings are key, so i’m all cash until it’s all clear..
-Ted