Wednesday, February 28, 2007

NASDAQ Technical Picture - Channel Support Holds for Now

Despite the high volume, the NASDAQ ended the session just modestly higher than yesterday's close. The morning session was very choppy, followed by narrow range trade in the afternoon. It looks like the bears took the day off after all the money they took out of the market yesterday. All this to say that today was basically a consolidation day and I expect we'll get a few more as the market digests yesterday's losses.

Economic Calendar for Thursday, March 1st: Personal Income/Spending and Initial Claims at 8:30; Construction Spending and ISM Index at 10:00.

No comments: