Some buy interest came back into tech stocks today lead by MSFT which jumped from multi-years lows. It was an up and down day, but it closed on a bullish note and much higher volume. The SOX bounced off of its trendline support to close the day in the green. Looks like tech could stabilize here. Commodities and energy stocks are still on the way down. I'm not expecting a big bounce here because there's far too much resistance just above but maybe we can climb back up to the 200 MA in the near-term.
Wednesday, May 24, 2006
NASDAQ Technical Picture
Some buy interest came back into tech stocks today lead by MSFT which jumped from multi-years lows. It was an up and down day, but it closed on a bullish note and much higher volume. The SOX bounced off of its trendline support to close the day in the green. Looks like tech could stabilize here. Commodities and energy stocks are still on the way down. I'm not expecting a big bounce here because there's far too much resistance just above but maybe we can climb back up to the 200 MA in the near-term.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment