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09/09/2004 Archived Entry: "Fibmaster's Daily Update"
Sept. 9
Interesting charts to trade.
NVDA only made it to $13.32, stalled and looks heavy for a potential move down to about $10.00.. NVDA still has risk of support and whipsaw, some SK support levels intraday are in the way. LIFC has SK resistance $9.75-$10, still on the way to there, wait for a down-trigger.
ADI is an intraday short if support at $33.68 doesn't hold.
MOT has whipsaw danger at $15.50 approx, great if that support breaks! SPY, DIA, QQQ, markets are showing some resistance. Too Early to call it a top. No change in the text below this line, it's still valid.
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Recent ProfitPoint trades:
We had minor losses on several of our charts at the end of last week, while the markets test resistance.
S&P perspective (E-Mini)
The E-Mini has a huge down-sloping channel on the weekly chart, since the high of 1163.75 in March 2004. There is a significant resistance area near the top of that channel at 1124/1125. A turn down at that area could be the start of a move to the bottom of the channel. It's early to say if this will happen, but this is an important opportunity.
QQQ has a strong resistance level at $34.50, which is being tested lately. If these SK resistance levels do not hold, the market is bullish! DIA has a resistance area similar to the S&P, up at $103/$104, so look for a potential stall and turn there. Interesting charts to trade. PXLW in shorting mode, especially if $9.75 support fails. Next support below that it at $8.90
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