The Nasdaq followed through on Friday's weak tone with a bearish engulfing pattern on relatively high volume. As noted here Friday, the 60 minute chart was a classic rising wedge waiting to break so there was no surprise here today. Most tech sectors ended the session in the red except hardware which formed another doji. The SOX and NWX were the hardest hit but no technical damage was sustained as all sectors remain well within their recent trading ranges. The NBI did, however, break its recent narrow consolidation range on a closing basis. The Nasdaq will likely retest its lower trendline on the 60 minute chart before a further break to the downside occurs. The biggest losers on the day were TLAB, PTEN, and XLNX.
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