Friday, July 07, 2006

NASDAQ Technical Picture

The jobs data failed to inspire buyers so the bears took control of the session. The NASDAQ breached its 20 day EMA on the open and shed 25 points by the end of the day. Volume was below average but higher than yesterday. Networking paced the way down, but the SOX managed to take out last week's low intraday.

We have bullish gap support between 2121 and 2111 which may provide support early next week, but overall, things are looking pretty bearish.

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