Sunday, March 04, 2007

NASDAQ Technical Picture - Weekly Update - Bearish Momentum Intact

The NASDAQ shed 6.3% last week, making it the worst performance since August 2004. Friday's inside day on lower volume shows that both sides (bears and bulls) were fatigued by the week's action. If we don't gap below it, tomorrow's retest of 2360 should give us a good indication of how bearish the momentum will be going into this week. We lost our support on a closing basis Friday and if the bulls don't reclaim it immediately, we will be in a confirmed downtrend.

ISM Services tomorrow at 10:00

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