I just got home (12:30am) so I will keep this post short. The indices rallied today although not too strongly. They still haven't cleared the highs of the big down day so at this point we have to assume this is a corrective move up with another leg down in the cards. Here is an hourly chart of the Q's showing a 61.8% retracement to the upper bollinger band. I will be watching the 44.20 area closely, because if it is taken out on strong volume then a full 100% retrace should be in the cards.
Also, keep an eye on the oil services companies. I've been trading in an out of them recently, but it looks like they may be starting a nice move.
Good Luck,
DT
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