Will The Barge Turn?
The Qs are consolidating right
at critical 13-minute trend support approaching midday, while
intraday lows have thus far been holding as we wait to see if the 13-minute
barge will turn or if she continues down the hourly waterfall. Aside from some
price probing to the upside, the trend has remained intact since Friday
afternoon and continues to guide the intraday trade nicely.
One rather interesting aspect to the morning trade is that while the Qs are
slightly negative on the day, the top five underlying stocks —
(
MSFT |
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News |
PowerRating),
(
INTC |
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PowerRating),
(
CSCO |
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PowerRating),
(
QCOM |
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PowerRating) and
(
ORCL |
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News |
PowerRating) — are all in the green.
Should we get a turn on the 13-minute barge, watching price action in those
stocks may provide additional clues. Keep in mind that any immediate turn will
still be swimming upstream on the hourly until and unless the lesser time frames
can gather sufficient momentum as defined in part by support angles.
Good Trading!