Market Musings and Trading Plan for February 26, 2007
Market trend:
|
|
Hourly |
Daily |
Weekly |
|
S&P 500 |
DOWN |
UP |
UP |
|
Nasdaq |
CHOP |
CHOP |
UP |
Market Watch:
Finally some pullback! It is possible that markets might bounce back tomorrow but I seriously doubt it. I think there is at least one more day of downturn needed before the market gets properly oversold for us to look for long entries. Utilities saw some nice upside action in the market.
SPX: SPX finally closed a little towards the lows of the day. Although I wish there was a little more downside pressure for good market timing setups. But, I guess, we will have to wait for one more day of downside/consolidation action
COMPQ: NASDAQ has probably started on the pullback. And we hope that it makes a higher low to confirm an uptrend. The moving averages have finally sloped back up which augurs well for the uptrend
