NASDAQ Technical Picture - 75% Retracement of Prior Week's Losses

The NASDAQ has retraced 75% of the prior week's losses. Friday's gains recaptured the 200 SMA on a closing basis with higher volume. But, the highest volume of the session came in the last hour as price faded.

The S&P and DOW were much weaker in their retracements. I'm watching to see if we carve out a higher high on the NASDAQ. Tomorrow is the start of a new month, and normally we might expect institutions to put new money to work. However, it was institutional selling that was key in taking the markets lower in the prior week. So it'll be interesting to see how things play out early in the week.

Tomorrow's economic data includes Construction spending and the ISM index at 10:00 EST.