Market commentary for 02/16/2009
Good day!
NOTE: next 10 days my site will be at http://www.pop35.com.hr/ I will be there until my official site will back (they said about 10 days). Thank you all for understanding.
After move we need to see rest. That was Friday action after strong late Thursday move up. Most of the day indices spent in the range except last 10 min when the DIA and the SPY broke down and closed at lows, what isn’t nice action for long continuation. The DIA was weakest what we can again see on the 60 min chart. Lost most of Thursday gain and chart suggest for pullback to previous low. SPY need to hold $82 area for scenario what I draw on the chart. If that are won’t hold then we can expect to see pull back to $81 area. The QQQQ is again strongest and it is still above 60 min 20sma, what is a key support for healthy move up. Overall, 60 min charts are again in divergence and don’t give us clear signal. My bias is still down but for now we don’t get healthy move down after Wednesday sell off. On the daily chart we can see that the DIA and the SPY are still under 10/20sma and if Thursday low will be broken then scenario draw on the charts will be again actual. The QQQQ still jumping around on the daily charts without clear direction and nothing changed there. We can clear see that on the weekly chart; range action continuing. If we look other weekly charts we can see that we don’t have big changes.
Overall, market is still indecision and very nervous with lot of whippy action. Until we will see direction on the weekly chart I think that we can expect same action. It’s mean that safest place will stay intraday trading without overnight trades. On the other way, for swing traders, we need to use bigger stops, based on the weekly charts because of many fake moves what can stop you by cent and back again. My bias is still with bears, but for now action is very whippy and we must be very caution there too.
Good day!
NOTE: next 10 days my site will be at http://www.pop35.com.hr/ I will be there until my official site will back (they said about 10 days). Thank you all for understanding.
After move we need to see rest. That was Friday action after strong late Thursday move up. Most of the day indices spent in the range except last 10 min when the DIA and the SPY broke down and closed at lows, what isn’t nice action for long continuation. The DIA was weakest what we can again see on the 60 min chart. Lost most of Thursday gain and chart suggest for pullback to previous low. SPY need to hold $82 area for scenario what I draw on the chart. If that are won’t hold then we can expect to see pull back to $81 area. The QQQQ is again strongest and it is still above 60 min 20sma, what is a key support for healthy move up. Overall, 60 min charts are again in divergence and don’t give us clear signal. My bias is still down but for now we don’t get healthy move down after Wednesday sell off. On the daily chart we can see that the DIA and the SPY are still under 10/20sma and if Thursday low will be broken then scenario draw on the charts will be again actual. The QQQQ still jumping around on the daily charts without clear direction and nothing changed there. We can clear see that on the weekly chart; range action continuing. If we look other weekly charts we can see that we don’t have big changes.
Overall, market is still indecision and very nervous with lot of whippy action. Until we will see direction on the weekly chart I think that we can expect same action. It’s mean that safest place will stay intraday trading without overnight trades. On the other way, for swing traders, we need to use bigger stops, based on the weekly charts because of many fake moves what can stop you by cent and back again. My bias is still with bears, but for now action is very whippy and we must be very caution there too.
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