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As hinted at here yesterday, the market moved lower again today, closing 2005 with a marginal gain of about 1.5%. The Nasdaq gapped down on the open and moved lower through most of the morning. A minor rally off the lows lifted the market slightly to form a small hammer just above the 50 period SMA. From the chart we can see that this area marks minor support from the mid-November high (blue segment). If today's gap down is not filled in early action next week, it will act as future resistance.
Happy new year everyone and best wishes for a very prosperous 2006 trading year!
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