Playin’ Ping-Pong
It’s been a decent
trading morning thus far within another fairly tight range as we had
a classic reversal trigger shortly after 10:15 AM EDT that provided as much as
$0.80 on the Q move to its 60-minute support (resistance on the short). We’re
currently playing ping-pong between 60-minute support and 13-minute resistance
which will need to resolve itself as we head into the afternoon.
(1)
Approx. Equivalent QQQ Price
As the air is
getting thin on a longer-term basis in the context of weekly resistance and high
stochastics, we’ll keep an eye out for possible breakdowns should volume pick up
and we lose 60-minute support, which has been tested four times since mid-day
yesterday. Also keep in mind key earnings are due out after the close, including
(
IBM |
Quote |
Chart |
News |
PowerRating), which may affect trader interest and pace throughout the rest of the
day.
Good trading!