![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhiTg6yHTwF8zFPXs3rnI5-8rbAWEgj7icpC9Z7Ws0P6b-gMcCQTccYK6mzLBBfeErF9MklSDXkDuQhmX4tq6PMtPVR6W3JMSRFIA1pcUHG7Spur2yIEEmQiaDknKhrZ-gTCVAqxlhNto4/s400/SP500.gif)
The other two main benchmarks were likewise little changed: the DJIA settled at 10397 after a dip of 0.1%, while the NASDAQ closed unchanged from Tuesday, i.e. at 2281.
In my own trade, I scurried away from long positions taken at Tuesday's close, selling each into strength near the market's open, and reaping slight gains on each position. In the case of BA, I was concerned that Tuesday's resistance of $65.00 would not be broken. Indeed, price action retreated to below the 50SMA (using 15-minute bars). Here's what bigcharts says:
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6N3g68j_9Lv53tvCIZXuqutIuZh1E6pZoMVLXiC9gjW2QnMFu-rfUGJAmV4XxhnttnIr3k268PNmZFnEkW5nUWWks6zOW0KnVDZPGdeWsA1aa6dWGuBCawk9kbOPtLew-ssNMrBFmqo8/s400/ba.gif)
With regards to BAC, $16.57-16.60 is a significant support/resistance level at multiple points on a 60-day; hence, it was a logical exit position. Indeed, price retreated upon hitting an intra-day high of $16.62. Here's a 10-day:
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiEUlDZLhQ_60CW-aM13pVbnX_2wbQogDEa_KjuDwpVejree9rFscXE4FX664tBQHYvTQ333XJ5nHN6eVRfG7aqWiBHyb6t7MajS6W1iRUX_yTJPcjoKXr6mc1nbUK5nHOZy85cUaav0wQ/s400/BAC.gif)
Regarding QCOM, I likewise pulled the sell trigger as price approached the upper demarcation of an important price channel off the 60-day. Indeed, price action consolidated just under the price channel for the remainder of the session -- a bullish sign compared to the alternative of pulling back strongly. I expect to re-enter a long QCOM position if I perceive a durable break above the upper price channel during today's trade. Here's a 60-day (1-hour bars) from ThinkOrSwim:
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhWaS8iLn5I4Y1BVtS8Fq2Phwp2PZnQC1tRQoq7Be-NZdux2MrCsvIwIEXzAdwq-gma8CPIuGi7Ryw8y-m09oTknTKkIYBx6Ux1tGGGW8JhaZUTB5_GRd5pO8zuxyfgRlUuGWntm_shUm4/s400/email-1381469.0.png)
In closing, I expect another subdued trading day today ahead of tomorrow's critical BLS employment report. Indeed, /ES futures (e-mini S&P500 futures, a 24-hour market) are currently showing only slight change compared to yesterday's close -- up about 2 points -- indicating that markets will open with only slight change. Yet no bets are certain vis-a-vis the equity markets; a forecast sleeper could turn out to be a thriller. Good luck, snake oil salesmen!
No comments:
Post a Comment