Market commentary for 02/03/2009
Good day!
Expected weakness in the morning and we got it with gap down to support area. Rest of the day we saw consolidation day without big changes. Not much to say about Monday action, but we can say that DIA was again weakest, while the QQQQ was again strongest. On the 60 min charts we c an clear see that. The DIA started with 60 min base what result with daily doji bar (mean indecision). The SPY was little stronger, but both still have 10sma over head as first resistance area. On the QQQQ 60 min chart we can see that 200sma is key resistance for now and if could that be broken we could expect at least short bounce. Since indices formed three selling waves on the 60 min charts I think that is expectable to see more correction next days. All depend on bounce pace. If will be weak then odds for bigger 60 min range will increase, but it is to early today. Point is that we can expect to see correction after selling (rest) and during that action it will be best to stick with intraday setups. I will look for possible daily flag or base for another swing short setup.
Good day!
Expected weakness in the morning and we got it with gap down to support area. Rest of the day we saw consolidation day without big changes. Not much to say about Monday action, but we can say that DIA was again weakest, while the QQQQ was again strongest. On the 60 min charts we c an clear see that. The DIA started with 60 min base what result with daily doji bar (mean indecision). The SPY was little stronger, but both still have 10sma over head as first resistance area. On the QQQQ 60 min chart we can see that 200sma is key resistance for now and if could that be broken we could expect at least short bounce. Since indices formed three selling waves on the 60 min charts I think that is expectable to see more correction next days. All depend on bounce pace. If will be weak then odds for bigger 60 min range will increase, but it is to early today. Point is that we can expect to see correction after selling (rest) and during that action it will be best to stick with intraday setups. I will look for possible daily flag or base for another swing short setup.
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