The NASDAQ gapped up on the GDP data, carved out a wide range bar and closed on its highs. In so doing, it managed to recapture its 20 day EMA. The only caveat was the lower volume. We ended the week the same way we started it and finally the bulls can take comfort. We're still in a technical bounce with lots of resistance over head. NASDAQ 2100 is just 6 points away and the downtrend line is pretty evenly matched with the 50 MA, so don't be surprised if we have some profit taking early next week. The SOX paced the way in today's action but all tech sectors particapated. NVDA realized a 10% gain on the session (refer to the Trade of the Day post) followed by KLAC and BRCM at 6% and 5% respectively. Even the badly bruised internet and networking sectors managed to add 2.2% each.
Friday, July 28, 2006
NASDAQ Technical Picture
The NASDAQ gapped up on the GDP data, carved out a wide range bar and closed on its highs. In so doing, it managed to recapture its 20 day EMA. The only caveat was the lower volume. We ended the week the same way we started it and finally the bulls can take comfort. We're still in a technical bounce with lots of resistance over head. NASDAQ 2100 is just 6 points away and the downtrend line is pretty evenly matched with the 50 MA, so don't be surprised if we have some profit taking early next week. The SOX paced the way in today's action but all tech sectors particapated. NVDA realized a 10% gain on the session (refer to the Trade of the Day post) followed by KLAC and BRCM at 6% and 5% respectively. Even the badly bruised internet and networking sectors managed to add 2.2% each.
Subscribe to:
Post Comments (Atom)
2 comments:
Looks like my GNSS call on here a week or so ago was a great one too. It's up several dollars since I posted.
Unfortunately, I didn't take my own advice and didn't buy any! :)
The rally on Friday baffled me. I was expecting a pop in the morning and then a sell-off as investors realized slowing growth and rising inflation is a worst case scenario. But, I guess they forgot all about that for the day.
It'll be interesting to see if we can hang on to Friday's gains going into this week. Typically, the market rallies on this type of information and then gives it all back in short order.
GNSS looks like it may fill its bullish gap back down to $12.00 before going higher. That's my guess because it closed near its low.
Post a Comment