TRINQ 60-minute is suggesting an open tomorrow below 0.50 will be needed to continue the rally. Above that level and we re-trace it or (more likely) continue the downtrend:
The above NDX daily chart shows the downtrend is still intact as of today's close, and there is room for lower prices. We could go as low as NDX 950 tomorrow in this downtrend. We'd have to bust some lower BB's and support, but it is possible.
The RSI is in a falling wedge that held the upper trendline today. The Full Stochs can go lower and have not turned up to confirm a trend reversal.
In short, a TRINQ over 0.50 tomorrow and I'll be getting short again.
A P/C ratio of .21 is lower than than any end of day reading that I can recall. That is amazing. That goes along with the things I am seeing that suggest the rally is either already over or very close to it. Without some seriously good news item, I doubt seriously that we can close green tomorrow. The late timing of the FOMC announcement is the only thing I can think of that could keep us green.
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