Saturday, September 23, 2006

NASDAQ Technical Picture - Breach of 200 MA

The NASDAQ breached its 200 MA on a closing basis Friday by three points. The next level of support is 2200. The SOX which has lead the way down this week, is coming into its trendline and looks to be easing up somewhat on the selling. The GSO (software index) broke through a multi-year resistance level on Wednesday (ORCL) and appears to be coming back in for a retest. Friday's big NDX loser was SNDK, down 4%. Other semis that gave back on Friday were NVDA (profit taking) and MRVL (slipping back into the gutter).

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