Thursday, April 8, 2010

04/07 Morning Assessment: Down pressure – Not too strong

It is hard to debate against sellers given the weak opening and follow through selling in the morning. As I write this, we pulled back from the lows (~1960) and seem to be closing the opening gap, or at least attempting to so. I detect more bearish tone on the FinViz map, not quite that bearish on Verticalsolutions current conditions profile, so this leads me to believe there is a mid-day pull back in works.
I think we might see NDX closing at or around 1960, just a gut feeling. It is the 12 EMA on the daily chart, so it provides a good level of support.

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