Monday, October 16, 2006

NASDAQ Technical Picture - Feels Toppy

The NASDAQ peeked within the first hour of trade and managed to trade sideways for the rest of the day. Still, we are inching ever closer to 52 week highs. I'm going to be posting the 60 minute timeframe along with the daily going forward so that we can monitor the trendline. Notice how the MACD crossed over on the shorter timeframe today.

Earnings season ramps up tomorrow AH. Economic data to watch for tomorrow BTB are PPI and Capacity utilization.

Below is chart of the SOX - Notice the proximity of price to the 200 MA.

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