We got the tank that we had been waiting for since the beginning of the year. All 3 indexes had broken decisively through the daily 50 MA last week which means that we are currently in a downtrend. Last Friday, the Dow closed below its monthly support while NASDAQ and S&P closed right at my supports for the month. This means that either we are going to bounce over the next few days back to test the 50 MA (and then continue to tank) or the indexes (NASDAQ and S&P) may gap down or break below their respective supports in the first half of the day and all 3 indexes will continue its downward slide.
Presently, I’m still not sure which way it will go (at least until after the first hour of market open) but I’ll stick with the indexes gapping or moving below my month supports (1091.75 for /ES, 1790.5 for /NQ) and that today and the week will end down.
Sunday, January 24, 2010
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