A consolidation day for the NASDAQ ahead of options expiration. Expect more of the same for tomorrow with more in the way of choppiness thrown in the mix. Most major tech sectors, except biotechs and drugs, still managed to come out ahead on the day. The RSI on the above chart is hinting of a consolidation or pullback at this level. Tomorrow's economic reports include Core CPI and CPI at 8:30 and Mich. sentiment at 9:50. The CPI number could be important ahead of next week's FOMC.
Thursday, September 14, 2006
NASDAQ Technical Picture - Consolidation Day
A consolidation day for the NASDAQ ahead of options expiration. Expect more of the same for tomorrow with more in the way of choppiness thrown in the mix. Most major tech sectors, except biotechs and drugs, still managed to come out ahead on the day. The RSI on the above chart is hinting of a consolidation or pullback at this level. Tomorrow's economic reports include Core CPI and CPI at 8:30 and Mich. sentiment at 9:50. The CPI number could be important ahead of next week's FOMC.
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