Naz Hits Fib Level
The Nasdaq Composite has now retraced .618% of the Jan. 3
to Jan. 24 run, an important Fibonacci level. Looking for a place to trade this?
Our new subscription service, S&P
and Nasdaq Price Action Levels by Carolyn Boroden, has calculated support in
the Nasdaq 100 futures
(
NDH1 |
Quote |
Chart |
News |
PowerRating) in the 2289 to 2304 zone. Today’s low in the
NDH1 stands at 2293. Look for intraday pattern setups, such as the five-minute
“tail” that laid the low.
As the stock market’s January rally falters, traders are
looking more quizzically at stocks gains and buying the safety of bonds.
T-bonds
(
USH1 |
Quote |
Chart |
News |
PowerRating) have been bucking, showing gapping and lapping action
near their highs. These are signs of potential upside action. Bonds also traded
above a pullback from a 30-day high.
In a slightly different interpretation of the pattern,
Dave Landry observed in last night’s Futures
Market Trading Outlook that the debt futures recovery rally yesterday
“suggests that their bullish cup-and-handle patterns at the 50-day moving
average remain intact.”
Bonds and 10-year notes
(
TYH1 |
Quote |
Chart |
News |
PowerRating) and
are up 16/32 and 10/32, respectively.
Coming back from a steep, week-long sell off
to fill yesterday’s gap down, Swiss francs
(
SFH1 |
Quote |
Chart |
News |
PowerRating) are rallying after
triggering a Turtle Soup Plus One Buy
setup.
Soybean oil
(
BOH1 |
Quote |
Chart |
News |
PowerRating) is also
making good on its Turtle Soup Plus One Buy
setup but be cautious because the same signal in
March soybeans
(
SH1 |
Quote |
Chart |
News |
PowerRating) is not confirming the move after beans’ big 12
cent loss yesterday.
Metals are trading lower: April gold
(
GCJ1 |
Quote |
Chart |
News |
PowerRating)
and
silver
(
SIH1 |
Quote |
Chart |
News |
PowerRating) are both on the
Implosion-5 List.