The NASDAQ added 34 points and carved out a wide bar off of yesterday's spinning top (almost a bullish morning star pattern). Today was an accumlation day, however, volume was below average and this means caution. We touched the 20 day EMA on an intraday basis but couldn't hold it on a closing basis. Today's tech leadership came from internets and semis. $GIN closed above its 20 day EMA but the $SOX did not.I'm watching the ADX oscillator closely as the -DI closes in on the black ADX line. If it bounces back up like it did in early June, it will be a bearish signal, but if it crosses down, it will leave the door open for a change in overall direction.
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