Not Your Typical Summer
I hope most people had the foresight to have left the office after the
morning session on Friday. If not, you were forced to watch a market that did
absolutely nothing for the remainder of the day. Naturally, this is not
uncommon during the summertime. Again, the opening hour-and-a-half continues to
be where the bulk of my day is achieved.
I fully expect that the solid trading will continue this week. There are
simply too many open-ended scenarios floating around out there to not cause some
emotionally driven price action, which is exactly why Summer 2002 is not your
typical summer trading environment.
Looking at some longer-term setups based on 15- and 60-minute charts, keep an
eye on:
KLA-Tencor
(
KLAC |
Quote |
Chart |
News |
PowerRating): Setting up nicely
on the 15- and especially the 60-minute chart. Nice bull flag. Look for long
entry when flag pattern is broken to upside.
Qualcomm
(
QCOM |
Quote |
Chart |
News |
PowerRating): Based on the
60-minute chart, nice pullback in place at support, 27.64. Look for move above
29 for expansion breakout.
I will do my best to be in TradersWire to offer my current
observations on these setups if and when they unfold.
Key Technical
Numbers (futures):
There is no question that the S&P futures are severely
oversold in here based purely on oscillators like MACD or stochastics.
Obviously, oversold can become more oversold, nonetheless, previous snapback
rallies in this bear market have offered wonderful trading and excellent swing
trade continuation moves, so be on the lookout.
S&Ps |
Nasdaq |
| 937 | 1035-37 |
| 929 | 1024 |
| 923 | 1014-15 |
| 915 | 1007 (confluence) |
| 909 (major confluence) | 995 |
| 892 | 984 |
| 975 | |
| 964 |
As always, feel free to send me your comments and
questions. See you in TradersWire.