The NASDAQ carved out a wide range bullish engulfing stick on BB's muddled Fed statements. Once again the implication was an end to tightening. Yada, yada, yada. Except this time we have a lot more positive divergence built into the charts so we may have a better chance for some continuity. 2100 will act as resistance on the first attempt as this is a solid pivot point and it lines up well with the 20 day EMA. Earnings of course, will have to come in strong to support a move above 2100. It used to be that everytime BB spoke, it was a signal to sell, now we've come full circle.
Wednesday, July 19, 2006
NASDAQ Technical Picture
The NASDAQ carved out a wide range bullish engulfing stick on BB's muddled Fed statements. Once again the implication was an end to tightening. Yada, yada, yada. Except this time we have a lot more positive divergence built into the charts so we may have a better chance for some continuity. 2100 will act as resistance on the first attempt as this is a solid pivot point and it lines up well with the 20 day EMA. Earnings of course, will have to come in strong to support a move above 2100. It used to be that everytime BB spoke, it was a signal to sell, now we've come full circle.
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