Chop, Chop, Chop!
Today’s Intraday Update
While things were choppy
in the morning, everything seems to be breaking down now. Watch for the best
action in the last hour.
Let’s take a look at the
action in the Nasdaq minis on Monday.
Today’s Daytrading
Setup:
(
ARBA |
Quote |
Chart |
News |
PowerRating)
Ariba
(
ARBA |
Quote |
Chart |
News |
PowerRating) has been
testing its lows all day. Watch for a breakdown.
Today’s Watchlist:Â
(
RRRR |
Quote |
Chart |
News |
PowerRating),
(
RFMD |
Quote |
Chart |
News |
PowerRating),
(
ADBE |
Quote |
Chart |
News |
PowerRating),
(
MMCN |
Quote |
Chart |
News |
PowerRating)
Rare Medium Group
(
RRRR |
Quote |
Chart |
News |
PowerRating) has been basing for the last few weeks. It has now
tested its low three times. Because I can’t call it a “base” until it
turns up, I want to add it to the list as one to watch for a move in either
direction. As it’s currently trading near its lows, we’ll watch the near-term
for a potential breakdown. On the other hand, I’m also watching for a move to
the upside of this low-level pattern. Watch for continued consolidation.Â
Radio Free Micro Devices
(
RFMD |
Quote |
Chart |
News |
PowerRating) broke down below 60-day
support last week, after I added it to the Shortlist. If you look where it
landed, you’ll notice it hit weekly support almost perfectly. As it’s been weak
over the last month, we’ll continue to watch for another move lower. Keep RFMD
on the Shortlist and watch for a breakdown below weekly support.
Adobe
(
ADBE |
Quote |
Chart |
News |
PowerRating) broke out from resistance early this month. Right now we see
it retracing to its new support level. With two support lines converging at the
current price, we may see a bounce. Traders may consider either using this as a
bounce-off-support type of play, or waiting for a new high breakout. Watch for
strong volume in either situation, as it may be the only confirmation of the
price action. Volume on Monday is average.
MMC Networks
(
MMCN |
Quote |
Chart |
News |
PowerRating) retraced to its longer-term trendline. After
consolidating for three days, it looks like it’s breaking back to the upside on
Monday. As I write this article, it’s trading just over 55. Watch for a close
above the top of the three-day trading range. Because the markets are choppy on
Monday, I’m going to watch it toward the last hour to see where it’s going to
close. Consider waiting for a continuation move, as we would with any
breakout.Â
Until later,Â
Check back at 2:00PM ET
for Trading the Techs PM.