Sunday, March 11, 2007

NASDAQ Technical Picture - Weekend Update

Most of the major indices have retraced 38% of the meltdown including the QQQQ. The one exception is the NASDAQ which gapped up on the open Friday and was immediately faded. The afternoon session was a chop fest, leaving most traders running for the exits. At this point it looks like we are going to pullback, and the best we can hope for, is a lower high sometime later in the week, from which we can attempt to retrace a little bit more.

Economic Calendar for Monday: Treasury Budget 2:00 EST.

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