Going Both Ways
The Qs are testing their
intraday lows as we approach midday,
with Microsoft
(
MSFT |
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Chart |
News |
PowerRating) and Intel
(
INTC |
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PowerRating) strength
offsetting weakness in the
(
$SOX.X |
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PowerRating) and rumors that Qualcomm
(
QCOM |
Quote |
Chart |
News |
PowerRating) will guide lower. The early morning pop off lows ran into an hourly
downtrend-support brick wall which provided for a good two-way trade, especially
on the short side with the longer-term wind at your sails. The late-morning
trade pace has been a slow grind down, and while it has felt a bit like selling
just for the sake of selling based on pace and a few strength divergences on the
intraday time frames, you hopefully know the story by now with respect to
waiting for trend reversals on the lesser periods. Longer term, the Qs are still
testing the area of daily 15-MA support in the context of a weekly downtrend,
and I expect we’ll find out over the next few sessions whether it will hold for
another assault north to weekly resistance.
12:20 P.M. ET
Good Trading!