Feb. 23, 2005: Inside Day

After close analysis:

Ok, so we got some cnsld after a major move yesterday. Nothing spectacular about the retracements today other than triangles and cnsld patterns and Inside Days implying continuation. Almost everything hit its ema and continued down to some extent. Tomorrow I'm looking for some continuation on the short side, unless there's a convincing xover above emas. 6bo failed, but 2bo reversal worked after an early 1br (12:30, not according to 1pm rule) - I got lucky w/it but market was weak and ema was clear resistance. Had couple of ok trades with minor losses. Not a bad start for week though.

Market breadth was mixed. Vold kept going up all day, and the 7-bar pattern is continuing to show promise (1st day I have it live). Add and Addq opened higher but continued to bleed lower all day. My bias for sure was on the short side. All had mixed xover

Futures mixed as well. Ab was the cleanest (plenty of Tide!), NQ stayed below ema as well with retracements against resistance, while ES was the star on the long side (15min). The Es200R chart is definitely more reliable! Everything is still bearish!

Indices were better off on the long side. Dow had what looked like a mini-TD day rallying after finding apex support. SMH & SOX both had triangles and reversed off apex, but still below their emas. Interesting to see how they behave tomorrow.

Overall positive day!