In yesterday's post, I said that today we would have a narrow range day in the top third of yesterday's wide range bar. Well it was closer to the top half, but my prediction was close. So we'll call it a consoldation day on lower volume. The Nasdaq carved out a bullish harami in the top half of yesterday's candle. Now if we can just break resistance on a closing basis, we'll be back in full bull mode. There was no real tech strength today, most sectors stayed pretty close to the unchanged line with hardware and NWX just slightly ahead. Although the full stochastics indicate a somewhat overbought market, I am posting the McClellan oscillator as well to show the contrast of its completely neutral reading. We have a flattening ADX line which could foreshadow a turnaround in momentum. The top three performers on the NDX today were
JDSU, PETM, and
GRMN.
BRCM was the only semi in the top 10.
In yesterday's post, I said that today we would have a narrow range day in the top third of yesterday's wide range bar. Well it was closer to the top half, but my prediction was close. So we'll call it a consoldation day on lower volume. The Nasdaq carved out a bullish harami in the top half of yesterday's candle. Now if we can just break resistance on a closing basis, we'll be back in full bull mode. There was no real tech strength today, most sectors stayed pretty close to the unchanged line with hardware and NWX just slightly ahead. Although the full stochastics indicate a somewhat overbought market, I am posting the McClellan oscillator as well to show the contrast of its completely neutral reading. We have a flattening ADX line which could foreshadow a turnaround in momentum. The top three performers on the NDX today were JDSU, PETM, and GRMN. BRCM was the only semi in the top 10.
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