Thursday, January 04, 2007

NASDAQ Technical Picture - Bulls Regain the Upper Hand

After a choppy start and a lengthy midday consolidation, the bulls took the upper hand. All major tech sectors participated in the rally. Unfortunately, the INDU and SPX didn't get much today, but that's okay because we want to see the NASDAQ take back its upside leadership role.

Tomorrow is the first Friday of the month and that means the jobs data will be the focus at 8:30.

3 comments:

Bubs said...

Jamie,

Thanks for the comment. A HCP is a pick from a service I use called highchartpatters.com. I'm still working on the charts they should be better soon.

Anonymous said...

Hi jaime. My week was looking very glim until i caught NYX in a falling wedge formation with positive diverg. yesterday and bought it yesterday at 92.5. Then almost like clockwork Cramer pumps in his show and it just took off. Up $10 in 2 days from where i bought it. The ten minute charts looked a day traders dream today. 44% of the float is short. and today it broke out on the daily. Shorts have to be sweating here. How do you like it here?
Basim.

Jamie said...

Nice work Basim,

NYX is coming into resistance from the December highs ($103.53 - $103.79). If it can break through that level, it will probably move towards the November highs around $109-$110. But I'm sure there will be some sort of consolidation at the December highs.