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 !