Tuesday, June 21, 2011

Pullback Target

The 5 min charts are suggesting a pullback as I've felt for a good portion of the day. The test of the day's highs failed, but not before posting a marginally higher high, which is very typical as most of you know before any reversal. It's looking like tomorrow we will likely see a pullback and hopefully  a strong consolidation.

Here are my initial thoughts on targets for a pullback.

 DIA 15 min chart with a 50-bar moving average

 QQQ with the same as above

SPY, same chart as the two above.

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