Ingredients For Upside Follow Through
The Qs are continuing their
retracement from Wednesday’s highs, fueled
in part by continued weakness in
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is back below 500 as we approach midday. Downtrend continuation triggers have
been the early ticket, with the 13-minute trend again combining with the hourly
trend to play the roles of lead dog(s), pun intended.
As we head into the weekend, I’m focused on technical clues as to possible
scenarios in terms of continued longer-term follow-through (or lack thereof) to
the upside from the mid-week buying binge. Ingredients which would encourage me
from a bullish perspective would include positive price/momentum strength
divergence on the daily chart on the current retracement, coupled with a turn on
the 13-minute chart for an early test-the-waters entry, or preferably, a move
back into an hourly uptrend for a confirming entry. Without such turns, the
divergence, as I’ve said many times, is simply a piece of knowledge to consider.
12:00 P.M. ET
Good Trading and
Have a Great Weekend!
Don Miller