NQ closes below 20 day moving average after a raucous rally, but after the bell MSFT kills it, pushing the NDX futures below the all important 1722.75 (50% 2006) mark. INTC closed above its 50 day moving average for the first time since January and we will have to see if that can hold as support tomorrow (19.82). The problem with this rally is the NASDAQ advance/decline line hovered around the zero line a good part of the day, with only a mild push up to +426 and a close at -310 (chart). Not very inspiring, but volume was there in enough big caps to push the bears to the sidelines. Smells like short-covering to me, but we will see how tomorrow plays out. The bullish mitigating factor is lower oil, somewhat lower rates and some new found energy in semis.
This entry was posted
on Thursday, April 27, 2006 at 4:05 PM.
