We carved out a hammer like continuation bar on higher volume as the bulls and bears battled it out for most of the session. Lower consumer sentiment shifted the power to the bears in the early going and the bulls took back control on the heels of a disjointed FOMC message in the latter part of the session. The SOX and networking stocks paced the way to the upside and most major tech sectors were in the green by the end of the day. Watch for Crude oil inventories at 10:30 tomorrow.
Tuesday, August 29, 2006
NASDAQ Technical Picture - Bulls Take Back Control of Choppy Session
We carved out a hammer like continuation bar on higher volume as the bulls and bears battled it out for most of the session. Lower consumer sentiment shifted the power to the bears in the early going and the bulls took back control on the heels of a disjointed FOMC message in the latter part of the session. The SOX and networking stocks paced the way to the upside and most major tech sectors were in the green by the end of the day. Watch for Crude oil inventories at 10:30 tomorrow.
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