Sunday, January 21, 2007

NASDAQ Technical Picture - 50 MA Holds on Lower Volume

Options expiration was a real snoozefest and resulted in fairly narrow range trade on lower volume. Tech sectors were mixed. The SOX and networking paced the way up in the morning as the recent sell off was a little overdone. The 50 MA managed to hold as support and by the end of session, the NAZ managed to get back 8 points.

The weekly chart carved out a dark cloud cover reversal bar on the week, but still maintains a bullish stance above the 10 period MA.

Earnings this week include: TXN on Monday, YHOO, AMD and CTXS on Tuesday, RMBS, EBAY and FFIV on Wednesday, and MSFT on Thursday.

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