Time And Trend Will Provide The Clues
The Qs remain in an hourly
downtrend and are testing key daily 15-MA support approaching midday as
tech traders continue to sell into strength. Losing Monday’s low provided
additional technical fuel for intraday sellers, and all eyes now turn to the
lesser intervals, in conjunction with the daily chart, to see if there’s any
fuel for an intraday bounce or another leg down. Trade pace and rhythm has been
of the stair-step fashion, with price spurts often followed by extended periods
of consolidation. Also keep in mind that recent market pace has favored an
intraday trend of lasting duration, although time and our faithful trends will
provide the necessary clues.
12:30 P.M. ET
Good Trading!