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Intraday Reversal

Posted By Barry Ritholtz On August 10, 2005 @ 8:29 pm In Technical Analysis,Trading | Comments Disabled

Days like today that start strong and finish weak are not particularly good for sentiment or the technicals. Especially, coming as it did when the market is so extended after its nice move up in July.

Dow Jones Intraday
Dow_jones [1]

Nasdaq False Breakout — the "Bull Trap"

Nazz_8102005162906_1 [2]

That may set us up for a little softness for the next few weeks.

There’s lots of support near 2100 — if we see that level (or anywhere close), I’m a buyer, looking for the last leg up of this cyclical bull run.

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URL to article: http://www.ritholtz.com/blog/2005/08/intraday-reversal/

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[1] Image: http://bigpicture.typepad.com/.shared/image.html?/photos/uncategorized/dow_jones.jpg

[2] Image: http://bigpicture.typepad.com/.shared/image.html?/photos/uncategorized/nazz_8102005162906_1.jpg

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