The Nasdaq was strong today despite the sloppy morning action. Volume was slightly higher than yesterday at 2.15 billion shares so this qualifies as an accumulation day. The Nasdaq opened some 15 points above yesterday's close and spent the better part of the morning attempting to fill the gap. Afternoon trade was more orderly as many Nasdaq 100 stocks were able to recover some ground from recent losses. Today's action carved out a bullish hammer which managed to close just above the 50 period SMA. Look for some resistance in the 2275 area which is less than 10 points away. Sector strength was found in semis, hardware, and networking on the heels of Cisco's earnings. AAPL did well today and we could see some continuation tomorrow.
Wednesday, February 08, 2006
Nasdaq Technical Picture
The Nasdaq was strong today despite the sloppy morning action. Volume was slightly higher than yesterday at 2.15 billion shares so this qualifies as an accumulation day. The Nasdaq opened some 15 points above yesterday's close and spent the better part of the morning attempting to fill the gap. Afternoon trade was more orderly as many Nasdaq 100 stocks were able to recover some ground from recent losses. Today's action carved out a bullish hammer which managed to close just above the 50 period SMA. Look for some resistance in the 2275 area which is less than 10 points away. Sector strength was found in semis, hardware, and networking on the heels of Cisco's earnings. AAPL did well today and we could see some continuation tomorrow.
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