WB, not good news and sentiment for the market. I didn't like the selling into close, and now I am hearing bad news about Iran firing missile even though it is reported that there is no such incident.
Mar. 28, 2007 0:10 US Navy denies that Iran fired at US warship By ASSOCIATED PRESS
The US military denied reports Tuesday that Iran fired a missile at a US ship in the Persian Gulf.
The rumors of an attack had sent oil prices soaring, but Lt. Cmdr. Charlie Brown of the U.S. Navy 5th fleet told an Associated Press reporter that all ships in the Gulf had been checked and the rumors were untrue.
Qs intraday stayed under upper resistance TL as shown on 60m chart. I commented that I was expecting consolidation days after the strong rally after the Fed announcement day. Also, I noted that I'd rather see consolidation days in low volume than rallying in low volume. Technically, what we have seen during the last 4-trading day was a perfect scenario to anticipate further price advance. having said that, we now have a new from IRAN, a link provide above, during after hours sending Oil futures above $68 and futures are down.
Qs daily shows a resistance line at where it is consolidating. As noted, a retest of intra breakout is possible, i.e. Qs 43 +/- and SPX 1410 +/-. Having said that, with the Iran news and Dr Bernanke's speech will be a catalyst for bull/bear scenario. Technically, revisiting to intraday breakout is not strong price action; however, given the circumstance which we are in, retesting intra breakout will be closely watched to confirm future price direction.
SPX consolidated on the intraday TL resistance as shown on 60m chart. Intra breakout point is SPX 1410; therefore, retesting the breakout support will be closely watched. With the Iran news, market could sell off, however, Shanghai $SSEC price action is stable at the moment. For that reason, future price actions are stable.
DOW will be testing the intra breakout point at 12340 tomorrow; therefore, the support will be closely watched.
AAPL traded to R2, 96.83, then reversed and closed with falling hammer. For those who entered at the breakout from the symmetrical triangle when I alerted on Mar 12 would have good run now; therefore, would have taken profit today.
MOT is trading at an important support and if breaks, watch out below.
QCOM is showing slowing momentum after a false breakout at the recent top, it is now showing double top formation for a ST pull back if it does not bounce up at the current level. Note the negative divergence on daily chart suggesting a pull back is likely trading below the 20ma support even though it traded higher today, it is still trading below intraday resistance at 42.85.
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