Today’s pull back was insignificant although widely expected. The fall began on Sunday evening after the Asia open. It was gradual and slow and tiny. In the final half an hour before the New York close, it recovered 17 points rapidly amid a frenzy of buying yet again. RSI is at 84, down from a jaw-dropping high of 97. However, it was a mere 14-point drop.
On the hourly chart, the support levels are at 4140, 4122, 4110. However, the big tech earnings will begin with Netflix tomorrow. The expectations are the numbers are going to be fantastic. I am wondering if we would even see another down day this week.
