Sunday, January 07, 2007

NASDAQ Technical Picture - Uneven Week ends on a Downer

The NASDAQ gapped down on the open Friday following better than expected jobs data. By the end of the morning, it had shed over 30 points. By the end of the session, it managed to pare back the loss to a more respectable 19 points. Volume dipped slightly escaping a distribution day. All major tech sectors ended the session in the red, paced mainly by the $SOX (multiple analyst downgrades of some of the big names INTC, NVDA, BRCM).

The weekly chart (below) is still consolidating within its narrow channel.

Watch Friday's gap open (highlighted in yellow on the 15 minute timeframe) as a potential resistance area.


Trading Goddess said...

Goooo Nas, Gooooooo!


Just trying to be helpful, in my own little way.


btw, do you think the DOW is going to be the big winner for 2007? :(

TJ said...

Every little bit helps. Like you, I'm bullish tech!