Sunday, April 22, 2007

NASDAQ Technical Picture - Weekly Update

The bullish volume on Friday is likely due to Options expiration. Friday's gap up resulted in a full retracement of the Feb. - March meltdown. Still the ADX shows that it was achieved on declining momentum, confirmed by the volume trend lower. Continued favorable earnings will determine if we can maintain the bullish bias and move higher.

No economic data tomorrow. AMGN and JNPR report AH.


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