Thursday, June 21, 2007

Today Is A Very Important Date For Financial Markets

Below is the Nasdaq 100 ETF over the past few months through yesterday, June 21. As you can see from the support and resistance channels on the chart, so far the bulls have been playing with the bears or so it seems. Each time we have hit resistance, we have a mild correction. Each time we hit support, we have a rally. Today is a very important day. Some say the summer doldrums have set in. That couldn't be the furthest thing from the truth. No one is going to the Hamptons with all of the volume in the equity markets and all of the wild and wooly happenings in the collateralized debt markets. Let's watch events unfold to see if anything exciting happens in the next few days. We might be getting ready to retest some recent lows.

Date says Thursday as I typed this up last night. "Today" is referring to Friday.
posted by TimingLogic at 11:22 PM

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