Wednesday, December 20, 2006

NASDAQ Technical Picture - Narrow Range Snooze Fest

Yesterday, I mentioned the importance of catching and holding the 50 MA on the 15 minute timeframe. Today's open was promising, but then we ran into the 200 MA and couldn't move higher. I'm glad I wrapped up my trading during lunch, because the second half of the session was a real snooze. Watch minor support at 2425. A decisive break of support could give us some tradable bearish movement. I'm still looking for a technical bounce at 2400.

Economic calendar: Initial Claims and GDP Final 8:30, Leading Indicators 10:00, Philadelphia Fed 12:00

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