As expected and as discussed in this post yesterday, we needed to consolidate some of the recent gains. The Nasdaq shed 12 points on moderate volume. The session closed just above the support of the December high, not bad for an expiration day. New highs outnumbered new lows by a ratio of 94:5. The worst tech sector on the day was the $SOX with a loss of almost 2%. The stongest sector was the internet sector, which as noted here a few days ago, was due for a bounce.According to the Nasdaq P&F chart above, yesterday's action resulted in a double top breakout with a preliminary bullish target of 2400. From today's close of 2282, we have some bullish action ahead of us.
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