Click on chart for larger view.The Nasdaq gave us another doji today after gapping lower it retested support which is now resistance at 2306 (green line). After dipping lower through to 1:30, the market made its way back and closed at the same level it opened. Volume was a touch higher than Friday and the 60 day average but much lower than the average for the last 10 days. A lacklustre day for anyone looking to go short.
The after market action, however, is very bearish. Nasdaq futures are currently trading down by 31 points on the heals of three bellweather disappointments - IBM, INTC, and YHOO. Besides these three names most of the other big names in the same space are trading down in sympathy. Look for another bearish gap on the open tomorrow.
No comments:
Post a Comment