Sunday, November 05, 2006

NASDAQ Technical Picture - Contained Selling

Selling in the last two sessions has been relatively contained. We have positive divergence of the RSI and MACD to lower prices on the 15 minute timeframe, so it feels like the NASDAQ wants to rally in the very short-term. Resistance at 2340, followed by 2355. Support levels are still 2325, followed by a congestion in the 2300 area.

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