Not as long as the COMP and NDX remain in their upchannels. The NDX channel spans only about 36-points and is rising 10-points a day. If you hit the top of the channel and go short in the AM, you gain only about 25-points maximum by the end of the day before you get hit with the rising lower channel line.
That's not much wiggle room.
Furthermore, the NDX has nothing but air from 1118 to 1155. There is absolutely nothing to hold it back in that range other than the upper channel line, and there's an even steeper sub-channel formed today that might be in play on the 60-minute.
On the COMP, there is no resistance between 1467 and 1521. Nada. Nothing. Zilch.
Were it not for these channels, everything would be able to do a re-trace. No time for that, as we've got to ramp for end of month and a massive distributive top! <G>.
In edit, I should probably look at a SOXX chart, but I think everything is following in the same direction right now, with the SOXX actually maybe lagging a bit.
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