Monday, April 23, 2007

ST Top ?

Based on the pattern, momentum on daily charts and dynamic supports on daily, i have some targets which should be acheived within a week.

ES 1452-1454, NQ 1800-1805.

Violation of Friday's highs on a hourly closing basis will invalidate these projections. I remain short NQ from 1854 with a stop above today's highs. Based on my 30-min charts, it appears that we will start with a gap-down on Monday. FWIW.

Friday was a Euphoric close with a closing tick of +1250. Those who were buying the close went home with the expectation of a probable gap-up. Talk about "To da moon anxiety" !. Top tick closes, especially on OPEX fridays is a bearish sign. Monday could end up as a big red candle day !

1 comment:

Jon said...

NAV,
I have missed your comments since you stopped out of your position. I stayed with QID as a near term top seems nearby but the recent strength in the NDX concerns me regarding the magnitude of any retracement.
Do you have any new insight on the markets?
Regards, J.