Two Possibilities For The Minis Later Today…
Yes, Intel beat the estimates yesterday, but in the same breath said it would
cut its equipment spending. The result is that the S&P and the SOX are
trading down to their 1.5 volatility
band levels. We’ve got a bearish TRIN going and attempted a 1,2,3
earlier.Â
If the E-minis can rally out of a 1,2,3,
my guess is that it’s a counter-trend rally, and that they’ll go lower later in
the afternoon. That “if” by the way, is a big “if.”
There is some support on the 30-minute chart, and if we break this, forget
any 1,2,3 possibilities.
If we do get a rally, I’d be inclined to sell near the 920-921 level, which
corresponds to yesterday’s low/S1 pivot area.
Also, Immucor
(
BLUD |
Quote |
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PowerRating) is now trading in a Slim Jim after an extremely
volatile move around 11:25. I’m guessing that this will fall out of this
pattern, rather than rally.
Â
Have a good afternoon,
Brice