Stock market commentary & trading ideas. Stock market weblog (blog), swing trading, day trading, stock picks, technical analysis, stock charts, stocks.
Visit Trader Mike
May 14, 2008 Stock Market Recap
Posted on May 14, 2008
We saw sellers defend the 200-day moving averages (and other resistance levels) again today. I don t know what caused the afternoon selling but it wouldn t surprise me if it was related to options expiration.The Nasdaq spent a good part of the day hovering right around its 200 DMA before popping several points above it. But that turned out to be a head-fake when selling kicked in at 2:00. The result was a shooting star candlestick that closed beneath two important levels the nice round number of 2,500 and the 200 DMA. As I noted in the chart, today will go down as an up day on high...
Original article link
Subscribe to Trader Mike