Bulls’ Turn In The Spotlight
The Q bulls are thus far
having their turn in the spotlight today
as yesterday’s relative tech strength, combined with a strong earnings
performance from
(
NVLS |
Quote |
Chart |
News |
PowerRating), has helped to fuel a $1.25 gain in the Qs as we
approach midday. Intraday oscillations have been few and the early uptrend
strong on multiple time frames, including the hourly period which I discussed in
yesterday’s
column and whose support began to emerge late yesterday via a curl upward in
the afternoon trade.
As has been the case in recent trend days, the three-minute intraday support
continues to perform the role of intraday guide and should keep one out of
trouble on the short-side while helping generating intraday profits. Given the
opening action and current trend strength, only a break of the three-minute
support would get me interested in intraday shorts, and only if
sufficient profit potential exists in terms of logical trade resistance (support
for longs) which would be the 13-minute time frame, with an eye on potential
long triggers should we indeed pullback.
Given recent market rhythms and the longer-term oversold condition, a trend day
with few oscillations would not be out of the question, yet as always, I will
look to the market to make the decision.
12:00 P.M. ET
Good Trading!