

Despite the 33 point drop from the OR high to the midday lows, the end of day chart damage is limited. The NASDAQ
gapped up on the open and minutes later went into a free fall, taking out its
trendline and ascending triangle support within the first hour. It almost reached the measured move target of 2490, before abruptly reversing at around 2493 and closing at 2504.5 which is just above the January closing high. Volume for the session was below average. The Fibonacci
retracement from the Feb. 12 lows to last Thursday's highs fell somewhere between 38% and 50% at the session lows.
Going forward, I would like to see price regain its base around 2510, before getting optimistic again.
Tomorrow's economic
data includes Durable Orders at 8:30, Consumer Confidence, and Existing Home Sales at 10:00.
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