Monday, July 28, 2008

NASDAQ Technical Picture - Bears Own It

Except for the opening range, the bears owned the day. This helped to work off some of the overbought posture, but overall it was another low volume session, with a lot of choppiness in the afternoon. After hours earnings were not too inspiring, so we may get more of the same low volume, chop until later in the week when economic data ramps up with crude on Wednesday, GDP on Thursday, and jobs data on Friday.

I'm watching the VXN after 3 NRIBs and pivot point support on the NAZ. If the PP support doesn't hold on a closing basis, we will retest recent lows. At the moment, last week's rally feels like a bear market bounce.

X reports earnings in pre-market. Consumer confidence at 10:00.

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