NASDAQ Technical Picture - Weekly Update

A solid performance on the week for the NASDAQ. Thursday's low volume rally was particularly impressive, closing on the high of the day. There's not much in Friday's employment data to set the tone for next week with most metrics coming in higher than consensus.

The next challenge for the bulls is to break through the bearish gap resistance left over from the beginning of February's meltdown. It should be noted that a low volume rally is a sign of weakness. That's not to say, we are going to fall over right here, but it is something that I will be following closely as it could foreshadow a change in the long-term trend. No economic data until Wednesday.