Monday, January 08, 2007

NASDAQ Technical Picture - Inside day on Lower Volume

The NASDAQ carved out an inside day on lower volume. Notice how it observed Friday's gap down as resistance on the 15 minute timeframe. Monday's are generally difficult to trade and I guess with earnings season officially starting tomorrow (Alcoa), this slightly boring type of trade, was not unexpected.


6 comments:

Michael said...

According to my TeleChart data the Nasdaq broke Friday's high buy just over 50 cents, so it wasn't an inside day. (I know, details, details...)

Jamie said...

Thanks Michael,

You're right, and if I had drawn my gap resistance correctly on the 15 min. chart, I would have caught it. I was in too much of a hurry to get to the gym. And now, I'm very busy trying to talk myself out of going.

muckdog said...

I don't think most folks realize that the market has meandered since November. As have my exercise habits. Something about winter doldrums.

A healthy consolidation in the market or negative divergences ahead of a correction?

Insider said...

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Jamie said...

Hey Muckdog,

So far it looks like a healthy consolidation after a bullish run. A pause before the final sprint. Earnings should give us a better indication.

Jamie said...

Hi Insider,

Nice blog.