NDX 1475-1480...
We finally might get our much awaited close below the 5 dEMA, after nine consecutive sessions of closing above.
I think we're looking at the lows of the day right now- but I am not expecting any significant buy side pressure until the 2PM EST turn, if at all.
If they mark it higher during the lunch hour, they'll probably take it all back down by the close- and vice versa.
YHOO should be a market mover and frankly given the sharp nature of the upward move in the internets over the course of this rally- I wouldn't at all be surprised if they use the headline as a reason to take profits.
The longer prices stay in the 1475-1485 area- the more influential the gravity of the gap below will become.
Closing the gap would have bearish implications short term (exhaustion gap) and a potential positive over the intermediate term (no need to back and fill later if prices do move higher).
After 1470-1475, I’m looking at 1445 and 1430 as areas of support.
There is some trend line support at current levels- anchored off the 2/24 and 3/3 lows. If I’m looking at it correctly- the line also provided support off the 5/7/02 low (yep, that far back) and prices ultimately gapped below it on 6/7/02- the day WorldCon disclosed the massive billion dollar fraud.
Loser // BullMarket
I've missed more than 9,000 shots in my career.
I've lost almost 300 games.
Twenty-six times, I've been trusted to take the game winning shot and missed.
I've failed over and over and over again in my life.
And that is why I succeed.
- Michael Jord
