The Nasdaq carved out a wide range, bearish engulfing bar on higher volume ahead of Fed Speak on Thursday. Led by semis and the networking sectors, the NASDAQ shed 33.4 points, bringing us within 35 points of recent lows. The RSI has not been able to touch 50 during either of the last two consolidation ranges and this bodes well for the bears. Judging from today's action, we could be starting the third wave of selling.
Tuesday, June 27, 2006
NASDAQ Technical Picture - Bears Dominate Ahead of Fed Speak
The Nasdaq carved out a wide range, bearish engulfing bar on higher volume ahead of Fed Speak on Thursday. Led by semis and the networking sectors, the NASDAQ shed 33.4 points, bringing us within 35 points of recent lows. The RSI has not been able to touch 50 during either of the last two consolidation ranges and this bodes well for the bears. Judging from today's action, we could be starting the third wave of selling.
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