Thursday, May 26, 2011

Nasdaq Constant Volume Bar 8:15PM CST 5/26

If you follow this, you know I am bearish the Nasdaq. See any of my recent posts such as this one. I will be the first one to tell you when I am wrong on something I said. I post all my pukes and make no bones about any of it...

That being said, I am still short this fucker and still think it is ripe to fall. I sound like a broken record, but sometimes you have to trust what you know to be right. Lets go to this constant volume chart (which plots each bar as the range price traded in for 5,000 contracts).

We have a confluence of resistance at the 2330-2340 area:
-Top of current magenta dominant bearish channel
-Bottom of old dominant orange bearish channel
-38% shallow Fib from May 2 highs to recent May 24th lows

If we can get above both of the aforementioned channel lines, I will wave the white flag.
Until then, I am holding.

No comments:

Post a Comment