Thursday, July 24, 2008

NASDAQ Technical Picture - Bearish Engulfing

Today was pure profit taking at overbought levels. Oil/commodities sold off in the early going but managed to find a bottom early in the session with some healthy retracements in the afternoon. The dailies for these sectors look like they want to retrace at these support levels. Financials need to pullback a bit more. The way we closed leaves the door open for more pressure tomorrow, but I'm watching the 15 minute chart as support is just 10 points away.

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