Eyes On The Hourly
Eyes On The Hourly
The suspicions I shared this morning were confirmed by price later in the session. And as suggested the 100-hour SMA has been holding the fall as of right now. And that is pretty much all you need to know on the equities side as we currently have little context to work with:
Judging by the daily panel that 100-hour better hold as there’s nothing but air lurking beneath. Which is the downside of low volume short squeezes – you better not overstay your welcome. As you know I started to be pretty skeptical over a week ago but thus far magic buying interest continues to show up.
Same picture on the YM – 100-hour holding as of right now.
And here is the NQ – not looking bearish really. This one may have decent odds to hold the line.
Short side momentum is looking tepid as usual – the grizzlies apparently gave up sometime late 2011 – hehe 🙂
I don’t see a pressing reason to sell here. However, there are a few bearish signals buzzing in my trading lair – please grab your decoder ring and have a look:
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Cheers,
