Wednesday, March 28, 2007 12:03:34 PM
Qs bounced off from 43.50 +/-
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http://www.traders-talk.com/mb2/index.php?showtopic=68325
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MARKET ACTION - intraday
On 3/21/07, my comment on "profit taking" and "consolidation" period is now "Pivotal Trading Day".
We now have the geo-political issues with Iran creating more volatility and risk for being in the market.
Will need to reassess market actions at close, but so far, market actions look normal profit taking and consolidation.
The recent selling has been in light volumes.
MSFT is trading flat today with NT news.
Qs closing at 43.85 is positive.
March 21, 2007
After the Fed announcement, market rallied with high volumes as shown on the Qs 60m chart showing buying pressure. This is the similar volume level as the one when we saw on Feb 27 with climactic selling volume level. Technically, I do believe that we now have confirmation of "W" formation with "Breakout Retest" Scenario suggesting that we will conservatively see the retest of the previous high and will likely see new highs during the rest of the seasonally favorable months, March - May, as noted on March 14 with the "Tweezer Bottom" or "Retest of Bottom" call.
To reiterate, the most strong technical aspect of the recent price action is based on the "Retest of Breakout" scenario with high volumes associated with selling and buying pressures at the critical supports.
I expect follow-through days, higher price actions after consolidation, since we just had the strong volume and price action day which will likely be followed by profit-taking, but again I am anticipating higher price actions which will be accompanied by short squeeze and buying pressure. Having said that, I would continue to evaluate price actions to confirm the aforementioned price action anticipation.
Intraday Market Actions:
QQQQ, SPX and markets completed "W" Formation which is a fractal formation of "Jun-Jul 2006" bottom formation; however, the technical importance for the recent price action is based on "Breakout Retest" formation at critical levels suggesting higher price actions to "Retest of the recent highs" and/or "New highs" into seasonally favorable months, May. Price actions will be reassess if shown otherwise.
A consolidation period for the recent gains would be rational, then we could see filling the run-away gaps to make new highs.
I was posting on the following website.
http://www.traders-talk.com/mb2/index.php?showtopic=68325
I noticed that my browser is not refreshing fast enough to post on TT site for VST market calls.
MARKET ACTION - intraday
On 3/21/07, my comment on "profit taking" and "consolidation" period is now "Pivotal Trading Day".
We now have the geo-political issues with Iran creating more volatility and risk for being in the market.
Will need to reassess market actions at close, but so far, market actions look normal profit taking and consolidation.
The recent selling has been in light volumes.
MSFT is trading flat today with NT news.
Qs closing at 43.85 is positive.
March 21, 2007
After the Fed announcement, market rallied with high volumes as shown on the Qs 60m chart showing buying pressure. This is the similar volume level as the one when we saw on Feb 27 with climactic selling volume level. Technically, I do believe that we now have confirmation of "W" formation with "Breakout Retest" Scenario suggesting that we will conservatively see the retest of the previous high and will likely see new highs during the rest of the seasonally favorable months, March - May, as noted on March 14 with the "Tweezer Bottom" or "Retest of Bottom" call.
To reiterate, the most strong technical aspect of the recent price action is based on the "Retest of Breakout" scenario with high volumes associated with selling and buying pressures at the critical supports.
I expect follow-through days, higher price actions after consolidation, since we just had the strong volume and price action day which will likely be followed by profit-taking, but again I am anticipating higher price actions which will be accompanied by short squeeze and buying pressure. Having said that, I would continue to evaluate price actions to confirm the aforementioned price action anticipation.
Intraday Market Actions:
QQQQ, SPX and markets completed "W" Formation which is a fractal formation of "Jun-Jul 2006" bottom formation; however, the technical importance for the recent price action is based on "Breakout Retest" formation at critical levels suggesting higher price actions to "Retest of the recent highs" and/or "New highs" into seasonally favorable months, May. Price actions will be reassess if shown otherwise.
A consolidation period for the recent gains would be rational, then we could see filling the run-away gaps to make new highs.
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