ChartsEdge map for 1/09

Market Map for Jan09

Posted: January 9th, 2009
Author: Mike Korell
Filed under: One-Day Market Map »

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Folks, did you check the ChartsEdge RSS feed at the right side of this page yesterday? If so, you would have noticed that during the day, Mike posted an update of yesterday's map with a shift that did a great job of pointing to the rally in the late afternoon. This is a great reminder to check that feed during the day for any updates - they may be rare, but they do occur. It's another feature that makes these maps a uniquely helpful tool for the intraday action.

By the way, looks like the QQQQ rise was as I had commented intraday yesterday for a rise either to about 31 or to the upper BB. Well it did get to the upper BB, partly because of the sharp rise and partly because, by the end of the afternoon, the upper BB had come down enough. If you are swing trading, remember that it's just Friday and then there's another week before opex ... in fact, looking back at Wednesday, maybe that was consistent with a Weird Wally Wednesday! - but this upcoming week should be interesting too.

As for today - the QQQQ does have a gap target at about 31.25 from the Wednesday morning drop that left a gap from Tuesday (which could be either a wave 2 target if you're bearish (implying more waves heading down) or just the start of a higher move if you're more bullish). I like the ChartsEdge map for pointing the way to today's intraday action; and then it should be another fun analysis weekend! Everyone be careful out there and happy trading.