Testing Intraday Lows…Again
QQQ volume and the morning
downdraft are picking up as we approach
midday. The Qs gapped down this morning, in part due to yet more weakness in the
telecom sector and have been pretty much adrift with a downward bias since then.
(Yes we’re again testing intraday lows as the column goes to press if you’re
keeping track.) The 13-minute trend has been the strongest thus far,
with downtrend support (resistance on longs) having propelled the market toward
its lows at midday. Just prior to the midday trend-continuation drop, selling
had been orderly and oscillations few as the market pace seemed to reflect a
lack of buying, as much if not more than sustained selling. Change in the
13-minute and three-minute lead dogs are currently paramount at this point if
we’re to climb out of the early morning abyss.
12:15 P.M. ET
Good Trading!