Monday, September 21, 2009

09.21.09 - Early Recovery

Higher price and tick lows repeatedly challenging upper resistance at the 250-minute ema were a good clue price would break higher. However, after nearly filling the (post-session) gap, the S&P is struggling, cumulative tick is leaning negative and down volume continues to outpace. The real action, obviously, has been in the NASDAQ 100, up nearly 30 basis points on the day. Even though internals look fair to middling at best, the 500 minute ema is now providing effective support and it has paid to be prepared for upside risk of late.

2 comments:

Anonymous said...

Jeff, got to work on your accent. In my neck of the woods it's "farrrr to middlin"

Jeff Pietsch CFA said...

Ha, I think I meant "middling"... how does that one sound? ;-)