So far the last few days is looking like a textbook pullback to support. Since we got that bounce at the middle Bollinger Band and the stochastic is still in oversold territory. I think it makes sense to at least expect the upper Bollinger Band to be hit. That line now sits just below 2,000 on the NASDAQ. If the stochastic reaches overbought territory again, like it has on every other bounce since the spring, we should get well beyond 2,000. We'll see.
The futures aren't agreeing with my read this morning though, as the market's set to open lower today. I'm going to leave my stops right where they were yesterday and see if I can ride this down move out.
Well, we got close to the 50dma then bolted up on wednesday. Only to end the week close to the 50dma again. Lots of people anticipating the same events?
Eh, that's next weeks' business because it's the weekend!