The Nasdaq gapped down to the 50 day MA on the open and spent much of the day chopping to and from the unchanged line. It wasn't until the last hour when a small rally developed that we were able to put more than a few points on the screen. As long as 2295 holds as support we are bullish and until 2280 is taken out to the downside, shorting will be difficult. Volume was lower than yesterday. Today's candle cannot be considered bullish because we did not take back more than 50% of yesterday's real body, so we are neutral for now. By comparison, the action on the INDU and SPX was decidedly bullish. The biotechs and internets pulled the Nasdaq up whereas hardware and semis pulled it down. The SOX, however, showed some strength into the close so this could play out well tomorrow. ADBE is trading down in AH on lower guidance.
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