86 of the $NDX's 100 components closed in the red today. Amazing that Q's only closed down 1.14.
Q's now in confirmed A-B-C down after clearly breaking the B point. I've drawn in the possible course they might take on their way to the $83.50 area but I really have no idea about whether or not they're going to bounce. They might just drop straight down, though it never seems to happen that way. Very important support in the 83.50 area and if that should fail to hold, then we're clearly going much lower.
With $SOX index closing 11pts off its high & with IBB closing 8pts off its high, you just have to wonder if we have front row seats to some kind of major decline.
Dip buyers have had nothing but success for a very long time but with $SPX up only 4pts for the year, you have to wonder if the day of the dip buyer is coming to an end.
All I can say is be extra crispy careful for now.
GL
Q's now in confirmed A-B-C down after clearly breaking the B point. I've drawn in the possible course they might take on their way to the $83.50 area but I really have no idea about whether or not they're going to bounce. They might just drop straight down, though it never seems to happen that way. Very important support in the 83.50 area and if that should fail to hold, then we're clearly going much lower.
With $SOX index closing 11pts off its high & with IBB closing 8pts off its high, you just have to wonder if we have front row seats to some kind of major decline.
Dip buyers have had nothing but success for a very long time but with $SPX up only 4pts for the year, you have to wonder if the day of the dip buyer is coming to an end.
All I can say is be extra crispy careful for now.
GL