Wednesday, March 28, 2007

NASDAQ Technical Picture - Pivot Point Support Holds on Closing Basis

The first chart is the daily timeframe for the QQQQs where we can clearly see how the pivot points came into play today. The blue line held on a closing basis and the next PP support level is the red line. If we can't hold the red line on a closing basis tomorrow, we will retrace back down to $43.00. Notice how selling volume picked up today. The lines are clearer on the QQQQ than the NASDAQ chart. Notice how the bearish gap resistance forms a much cleaner line here.

Economic Calendar: Initial Claims, Chain Deflator - Final and GDP-Final at 8:30; Help wanted index at 10:00.

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