| Search by tag or site | Login to my blog ? Start my own blog |
Market Commentary For 07/03/2008
Market commentary for 07/03/2008
Good day!
|
Symbol |
Last |
Net |
Net% |
Symbol |
Last |
Net |
Net% |
|
INDU |
11215.51 |
-166.75 |
-1.46 |
DIA |
112.15 |
-1.62 |
-1.42 |
|
S&P 500 |
1261.52 |
-23.39 |
-1.82 |
SPY |
126.18 |
-2.20 |
-1.71 |
|
COMPX |
2251.46 |
-53.51 |
-2.32 |
QQQQ |
44.71 |
-1.10 |
-2.40 |
Oil was up and the indices were down. That is the short explanation of Wednesday''s action. From a technical analysis view that means the indices retested Tuesday''s low and formed 60 min double bottom patterns. We saw very choppy market action for most of the day. Every try to break up after the strong close on Tuesday failed and brought the indices lower. The day started with a small gap up, enough for a 60 min double top and at the end of day we got a double bottom. We can clearly see that on the 60 min charts.
The daily charts are showing us the same action which is back to the previous lows. The only difference is volume. Wednesday''s volume was lower which suggests that this support area could hold. Right now it impossible to predict that, because with the market weakness over the last few weeks, we could easily see a gap down at the open and some panic action, but we could also see a bounce from the double bottom patterns. Remember that a double bottom can bounce after slightly lower lows and because of that a break to new lows will not be automatically give us low risk short setup. Since my focus is on low risk setups, I won’t take it.
The market will close at 1:00pm ET on Thursday and that will be the start of a long holiday weekend. With a very uncertain world situation and the rise of oil, I don’t expect that many traders will be happy holding trades over the weekend. I will expect some action in the morning after the open, possibly for the first 2 hours. I will therefore be focused on intraday setups only and again only on a possible bounce.
If anyone has any questions or comments, please feel free to contact me
Wish you all good trading!!!
Kind regards.
Ivica
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- January 2008
- December 2007
- November 2007
- October 2007
- September 2007
- Poor and Stupid
- Piggington's Econo-Almanac
- 360 Digest
- Alpha Trends
- Neville's Financial Blog
- Millionaire Now! by Larry Nusbaum
NOTE: Please click on the charts below to enlarge them if [read more]
NOTE: Please click on the charts below to enlarge them if [read more]
Market Needs to Show Volume and Breadth To Signal Next M [read more]
<< My Home | TheMoneyBlogs Home