Sunday, March 18, 2007

NASDAQ Technical Picture - Weekly Update




Mid-week the NASDAQ showed a nice recovery off of the dip into lower territory, however, the failure to follow through into the latter part of the week, leaves the market looking and feeling tired, as if it is barely hanging on. The pattern of lower highs and lower lows continues.

6 comments:

Rahul said...

I also look at HH-LLs for trend direction. And as per that I am positioning for some shorts in tomorrow's trading. But the signals are not as clear and FOMC meeting is not helping things. Not the best time to trade, but I will still give it a shot. Are you planning to open new trades?

Rahul
http://www.tradernirvana.com

Jamie said...

Hi Rahul,

Yes, I try to look for trading opportunities everyday. I do find that the lead-in to the FOMC meetings can be a little dull at times. Futures are up this morning so we might have a more interesting session than anticipated.

OONR7 said...

Hi Jamie... I'm keeping an eye out for your WOR base and break pattern. Would you say PLCM and URRE (from today, :15) are good examples of this pattern? I think URRE is the stronger of the two. I really enjoy looking for these setups. Thanks again for the tip.

Jamie said...

Good eye oonr7,

I missed PLCM and URRE. Instead I traded ACAD which is also WOR base and break pattern. It only extended 25% but because of the low share price and huge gap, it was a good trade.

I will post the chart later this evening.

Vtomer said...

Jamie

How do you find these stocks ? I am amazed. I use a Mac so the only place i find information is from scottrade or google finance. No fancy software like for windows...cheers

Vivek

Jamie said...

Hi Vivek,

Briefing.com posts a pre-market gapper list. If you don't have access to Briefing, check out Trader Mike on my link list. He usually posts the Briefing gapper list every morning around 9:15 EST. By exception, today, he didn't post it.

Cheers!