Thursday, May 7, 2009

NASDAQ closed below 200 SMA (May 7th)

NASDAQ May 6th:

NASDAQ was enjoying the third days above the 200 SMA. That was very positive sign ,but bulls got drunk and fall off chair again!

There was some profit taking in tech sector and NASDAQ closed below 200 SMA. If NASDAQ moves above the 200 SMA with in next couple days, it could be positive signal for bulls and should help indices to move higher, but I don't see how could indices rally more ,but in this market anything is possible!
NASDAQ May 7th: