After gapping up and reaching the extension of its H&S neckline in early trade, the Nasdaq went on to shed 22.5 points carving out an ominous looking bearish engulfing pattern. The next major support level is 2219 which lines up with the doji morning star reversal from last week. The Nasdaq closed on its low so expect a weak open in the morning.
Wednesday, December 28, 2005
Nasdaq Technical Picture
After gapping up and reaching the extension of its H&S neckline in early trade, the Nasdaq went on to shed 22.5 points carving out an ominous looking bearish engulfing pattern. The next major support level is 2219 which lines up with the doji morning star reversal from last week. The Nasdaq closed on its low so expect a weak open in the morning.
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