Friday, July 10, 2009

07.10.09 - Successful Higher-Low Retest

After filling the opening gap down, the NASDAQ100 (QQQQ) was predictably rejected by its declining five-day moving average. However, after re-probing those am lows at support just above the Wednesday lows, we saw some covering action against the easy trade and the Nas relative strength is bringing all the majors back up to their flattish volume weighted averages. Cumulative Tick and Advance Decline lines all look to be supportive of a healthier afternoon session, but keep any eye on action around that VWAP (& SPY S1)!

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