Corcoran Technical Trading Patterns For September 23
Today’s commentary will be abbreviated and essentially a followup to some recent charts shown here.
QQQQ met resistance at the $49 level and judging by the way that the S&P 500 futures are behaving during European trading - currently at 1121.75 - there would seem to be scope for more corrective action today.
GBP/USD appears to be registering lower highs as it attempts to break above the $1.57 level and I would be inclined, during today’s session, to look for scalping opportunities to short while waiting for a pullback towards the top of the cloud on the 240-minute chart around $1.56.
As the pattern evolves in line with a comment made here recently, XME still could surprise with an upward breakout.
Yesterday I indicated that the financial services sector was not showing relative strength and XLF is not acting well from a technical perspective.
Here again is my comment from Tuesday’s commentary:
PMCS, a semiconductor stock, has one of the least constructive charts among individual equities.
MES, an ETF providing exposure to the Gulf States region, has begun to roll over.
Clive Corcoran is the publisher of TradeWithForm.com, which provides daily analysis and commentary on the US stock market.
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