Nasdaq Daily Chart
Today's action clearly favored the bulls with a very nice performance by the SOX. Nasdaq volume was very high at 2.4 billion shares. Expect the SOX to continue to do well tomorrow on the heels of BRCM's stellar results. The SOX will have no trouble breaking 539 on this, its third try in as many weeks. However, if we look at the Nasdaq weekly chart, it clearly formed an evening star candlestick pattern at the end of last week. Is this week's action on the daily chart a bearish flag? I don't know so I'm taking it one day at a time and as far as tomorrow goes, I'm bullish. NDX futures are up 9 points.
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