Probing For Reversals
The Qs are
drifting off their early highs and testing critical hourly support as
we approach mid-day, and the market continues to test the strength of recent
climbs, which has been impressive to say the least. As has been the case as
we’ve probed for reversals in the past, a break of hourly support is a
prerequisite for a longer-term reversal, and we should expect the market to test
support periods for various time frames one at a time, beginning with
three-minute, then 13-minute, then hourly, and so on as has been done so far
this morning. Thus far, the Qs have held hourly support, which has served as
somewhat of a fulcrum in recent days as we’ve chopped around.
Monday November
19, 2001Â 12:00 PM EDT
(1)
Approx. Equivalent QQQ Price
The
(
$SOX.X |
Quote |
Chart |
News |
PowerRating)
is the clear laggard of the day, which is worth watching as we probe for
potential exhaustion vs. trend continuation.
Good trading!