TODAY, Thursday 24th February 2011
We continue to see oil climb and the markets react to the down side.
I am looking for a bounce today or tomorrow.
However, the bounce should fade and retest the lows again.
QQQQ has hit it's daily 50 SMA.
The typical correction of a weekly bear engulfing price, ( during this QEII rally) continues to move down for 2-3 weeks minimum.
Should things get nasty we could see a multiple month sell-off.
We broke our "watch" numbers yesterday.
"Watch for any break below these numbers.
Dj-30 12,156
SP-500 1311.74
QQQQ it is 57.49"
Bounce targets for the
DJ-30 = 12,196
SP-500 = 1311.32
QQQQ = 57.55
Thursday, February 24, 2011
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