Tuesday, September 26, 2006

NASDAQ Technical Picture - Another Test of Resistance

The NASDAQ tested last week's high on stronger volume, but for some reason I'm not feeling bullish. You can't fight the tape, but it doesn't feel like we can move much higher, without some sort of pullback. The SOX and software consolidated today leaving the field open for internets to take a leadership role. JOYG, EBAY and ATVI were the big NDX winners today. ADSK, and BEAS along with a bevy of semis - BRCM, MRVL, NVDA, MXIM - were the day's big NDX losers. I'm cautious going forward but if the D+ line crosses the ADX line we could get another break higher.

No comments: