Monday, August 18, 2008

NASDAQ Technical Picture - Bullish Flag Still in Play

The NASDAQ is still well positioned technically as the flag pattern continues to consolidate on declining volume. This is helping work off the overbought posture. The S&P, on the other hand, is testing the trend line following a lower high from late last week. Weakness in financials FRE, FNM, and LEH set off a broad based decline. Let's see if buyers step in to keep the trend line intact.

No comments: