Wednesday, June 28, 2006

NASDAQ Technical Picture

Regular readers know that 2100 was a key support target going back to mid-May. Well now its been at least three weeks and it is still in play. So far we've closed below 2100 only on three sessions. Today's NR hammer stick could signal a reversal but everything hinges on Fed Speak tomorrow. The emphasis on Fed Speak tomorrow is all important because of the timing of quarter-end and the traditional fund window dressing that transpires at this time.

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