Fence-Sitting Time
It’s fence sitting time at the
Q corral this morning as the Qs are
testing critical long-term support and short-term oversold conditions while
remaining in an hourly downtrend. In the bullish corner, we have weekly 15-MA
support and oversold hourly stochastics (which, as we know, can certainly become
more oversold). In the bearish corner, we
have a continuing hourly resistance, which the Qs must
penetrate before trading longs for anything more than contra-trend scalps. And
in the middle, we have a 13-minute 15-MA (approx. 200-period) which has been
absolutely indecisive as we approach midday. A hold or break of yesterday’s
closing low into the lower hourly and daily Bollinger bands may provide a clue,
as well as a move off the 200-period intraday fence. As usual, keeping an eye on
the reaction of the 13-minute stochastics will also help provide clues as we
head into the midday Philadelphia Fed report and this afternoon’s
(
MSFT |
Quote |
Chart |
News |
PowerRating)
earnings release.
Thursday January
17, 2002Â 12:00 PM EDT
Good Trading!