Thursday, November 02, 2006

NASDAQ Technical Picture - NRB Ahead of Jobs Data

The markets idled ahead of Friday's jobs data. The NASDAQ gapped down on the open and made its way back up to the unchanged mark by mid-morning, then spent the balance of the day in NR chop chop. We are approaching oversold levels on the closely watched McClellan Oscillator, however, all major tech sectors except the almighty SOX, are still safely above their 50 MAs.

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