StockTock.com 8/26/08 ~ Stock Market Technical Analysis

Added: Dec 1, 2008

From: stocktock

Duration: 11:0

StockTock.com discusses the light volume, choppy action today as the S&P continues to hold its critical support level at 1263. We remain short-term bullish on the S&P but are concerned about a tiring support line and a potential "kiss of death" selloff. Today, the dollar strengthened and natural gas rallied on hurricane concerns. The QQQQ and IWM look interesting here in the short-term after testing support. These are attractive trades because exit points are "clear and near". We analyze the price action in natural gas and how the market bounced exactly when most traders gave up on their long positions. The market has an uncanny ability to reverse at emotional threshold levels. We also look at SPY, XLF, UUP, and USO.

Channel: Education

Tags: analysis  charts  economy  elliot  etf  market  nasdaq  oil  qqqq  resistance  s&p  spy  stock  stocktock  support  technical  wave  xlf 

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