Friday, March 30, 2007

NASDAQ Technical Picture - Session Ends on a Bullish Note

Despite the unchanged level, the NASDAQ opened with a gap fade, followed by a chop to the lower pivot point, a reversal, and a strong volume rally in the second half of the afternoon. The late session rally felt very bullish and should see some follow through tomorrow morning notwithstanding negative economic data.

Economic Calendar: Personal income and spending at 8:30; Chicago PMI at 9:45; and Construction Spending and Michigan Sentiment at 10:00.

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