Wednesday, August 23, 2006

NASDAQ Technical Picture - A Low Volume Bearish Engulfing Pattern

The NASDAQ carved out a low volume bearish engulfing candlestick today. Shortly after the open the bears took control of the session and it wasn't until late in the session when we tested the 10 day EMA that some buyers started coming back in. The NASDAQ shed 15 points on the day but the daily chart still looks good, in fact we may be in the process of forming a bullish flag pattern.

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