Sunday, July 23, 2006

NASDAQ Technical Picture

DELL's pre-market warning set the tone for some fast selling on the open. However, the selling leveled off fairly quickly and the rest of the session was narrow range. The SOX, hardware and networking sectors all suffered heavy losses on Friday and are all trading at multi-year pivot point levels. It will be interesting to see if they observe these levels as support in the early going next week. The NASDAQ may attempt to fill Friday's opening gap on Monday (see the 15 minute view below).

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