Tuesday, April 10, 2007 10:58:42 PM
Market traded in a narrow range before the Alcoa earning report.
10:12:04 AM Qs & SPX: anticipating another narrow range trading before Alcoa earning report in AH. Qs trading near to 44.75 +/- resistance, yesterday HOD.
SPX traded to higher/high 1448.73 and Qs to 44.68 to respective resistances as shown on 60m charts. Most of traders weren't expecting the market actions staying in narrow range today as we can see that the price actions shown on 60m are unusual showing no retracement. Note that Qs and SPX intraday actions stay above the break above 3/22 high of cup & handle formations. At this point, if you are not comfortable with staying long, exiting holding position is a good idea.
While major markets are at resistance, NYA traded to new high, breaking above Feb 07 high to 9472.81, as noted that NYA is leading the other major markets.
Breadth is improving, but not as strong as I would like to see unless market is on the way to breakout mode which could create volatility buying into the possible breakout. Whether we could see buying pressure into Breakout to new high is questionable. At this point, it is wise to be cautious as we could see a market pull back during OE week.
Market reaction to Alcoa report in AH was positive which is a good start of Q1 earning season.
10:12:04 AM Qs & SPX: anticipating another narrow range trading before Alcoa earning report in AH. Qs trading near to 44.75 +/- resistance, yesterday HOD.
SPX traded to higher/high 1448.73 and Qs to 44.68 to respective resistances as shown on 60m charts. Most of traders weren't expecting the market actions staying in narrow range today as we can see that the price actions shown on 60m are unusual showing no retracement. Note that Qs and SPX intraday actions stay above the break above 3/22 high of cup & handle formations. At this point, if you are not comfortable with staying long, exiting holding position is a good idea.
While major markets are at resistance, NYA traded to new high, breaking above Feb 07 high to 9472.81, as noted that NYA is leading the other major markets.
Breadth is improving, but not as strong as I would like to see unless market is on the way to breakout mode which could create volatility buying into the possible breakout. Whether we could see buying pressure into Breakout to new high is questionable. At this point, it is wise to be cautious as we could see a market pull back during OE week.
Market reaction to Alcoa report in AH was positive which is a good start of Q1 earning season.
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