Thursday, March 09, 2006

Nasdaq Technical Picture

The Nasdaq carved out another bearish engulfing pattern on relatively average volume. Most tech sectors ended the day in the red with the worst being the SOX and internet. After gapping up on the open, the Nasdaq ran into gap resistance and rolled over. A weak rally attempt failed midday and we closed on our lows. On the 60 minute view we have a double bottom. Looks like we might be setting up for a test of the February low. The day's biggest losers in the NDX were ATYT, GOOG, and QCOM.

Here is an interesting article from IBD on follow through volume.

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