Technical Picture - $USD Strength Weighs on Energy/Commodities

A choppy mixed session of little consequence to the overall bias. Dollar strength weighed on energy/commodities and if it continues, we could get more of a pullback. As depicted on the NASDAQ chart above, at this point, the markets are pricing higher as momentum weakens.


From the 15 minute chart of POT above, we see that it is a relatively easy read with respect to support/resistance due to the gaps. Wednesday's gap was filled in early trade, but price carved out inside bars ready to break to the downside. The NRIB was the trigger. After the initial swoon, price paused at the guidance gap support from last week...more inside bars and that level failed as well. Finally the trade was stopped out. From there, price retested former support, now resistance.

I've mapped several areas of support for a buying opp, but the full gap fill would attract a lot more buyers IMO.

As discussed last night, the RIMM swing trade was in peril. Early strength was attibuted to an analyst target increase. But that didn't last long. I exited half at $75.00 and was stopped out as soon a price breached yesterday's low.