The Nasdaq shed 19 points today, two thirds of which were cropped off of the open because of disappointing job numbers. Volume was moderately high at 2.19 billion. The Nasdaq closed just below its 50 period SMA but did not violate its trendline which has remained intact since mid-October. Today's action resulted in a narrow range bar, maybe a star, which we won't know until Monday. With respect to overbought / oversold conditions we are neutral from both the stochastic and McClellan oscillator readings. The ADX line continues its downward movement and is now around 15 which accounts for the loss of momentum over the last two weeks. The +D and -D have just crossed over in favor of the bears.
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