Pinned Down
Pinned Down
Equities managed to surge higher in early trading but then got pinned down below their respective 25-day SMAs. A ramp & camp is not uncharacteristic in pre-holiday tape – thin participation will create spikes which then taper out as nobody is willing to bet against Bernanke ahead of a long weekend.
The RTV Buy was triggered earlier today and I’m long now with a stop below the previous candle’s low. However nothing much is going to happen here unless we clear that SMA – fortunately for the bulls the NLBL ahead at 1623 expires tonight. The NLSL below is situated right above the 100-day SMA – plus it’s a holiday week. We can guess where that probably takes us… range of pain anyone?
Similar situation on the NQ although no RTV Buy here – pinned below the SMA all the same though.
Platinum at its NLBL and I would be long here above it – short until then.
Inside period on cable tomorrow – that’s a nice setup, in particular as a low breach would qualify as an RTV Sell.
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Cheers,
