Monday, October 30, 2006

NASDAQ Technical Picture - Mixed

The NASDAQ was able to limit downside pressure by reversing just above support at 2340, however, it carved out a lower low and lower high on relatively lower volume which could be an early sign that the bulls have lost some of their conviction. Expect more choppiness until we breach 2375 on the upside or the trendline on the downside. Tomorrow's economic calendar includes Chicago PMI and Consumer Confidence at 10:00 EST. On the earnings front we have US Steel (NYSE:X) and (NASDAQ:UARM) before the bell and (NASDAQ:BIDU) after hours.

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