Indices retracing

Posted by downtowntrader | 7/02/2006 11:15:00 PM | 0 comments »

Tomorrow is a short day and volume should be very light. The indices have quickly moved up to some fibonacci retrace levels and may need to consolidate the recent move up.

Here is the Nasdaq Composite chart stopping right at the 38.2% retrace.

Here is the SP500 stopping right at the 50% retrace and 50day sma.
Here are a few charts to add to this weeks watchlist.

GOL may of cleared some important resistance here.
HBHC looks like it may be ready to clear this ascending triangle.

HLTH may offer an opportunity to get in near the breakout area tomorrow.
MIKR has been running hard lately and made a run at 15 on friday which would of likely put them in the IBD100. There may be a pullback to the lower trendline if some are disappointed with the close under 15.
PFG cleared an ascending triangle friday.

TSCM looks promising with volume surging on the ascending triangle breakout.
I highlighted UARM recently and they were able to clear strong resistance. I believe a pullback to the breakout area would offer a pretty good entry.
UACL has had a hard time with resistance here, but may be ready to move higher.
VOL is trading in a nice flag pattern and looks like it has plenty of gas left in the tank.

Good Luck,

DT

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