Market Musings and Trading Plan for February 23, 2007
Market trend:
|
|
Hourly |
Daily |
Weekly |
|
S&P 500 |
CHOP |
UP |
UP |
|
Nasdaq |
UP |
CHOP |
UP |
Market Watch:
More wait and watch while the chop and overbought conditions exist.
SPX: SPX is showing such a high amount of choppiness on the hourly time frame that I think the day traders must be having a difficult time. All we can do is wait and watch. And hope for a pullback soon
COMPQ: NASDAQ should probably be qualified as an uptrend on the daily timeframe. It gapped up, ran up, fell through and ran up again towards the end. It is better to sit on your hands while this erratic behavior subsides
