Wasn't enough volume for a serious breakout today on the techs - barely above average. Anyway, got another air kiss at the 50 DMA, getting overbought and overdue, with a marginal new rally high, in concert with the Dow (a little more failurific there, though). SOX still leading, but looks stalled - reversed back down after marginal post-9/11 high, rather Dow-like. Internet and Bios arguably the next strongest tech sectors - not necessarily a good sign. Computer Hardware (check the GHA for two high-wave dojis) looks most ready to give a strong signal.
Anyway, after two seesaw days, getting time for a strong move one way or the other on the techs - either a thrust across the 50 DMA toward resistance ca. 1570 and the 200, or a pullback toward 1430.
Could be staging ahead of the unemployment report, I suppose, so, if we don't get a decent move tomorrow, might get one on Friday - unless we really are going to grind around in some twilight zone around the 50, or between the 50 and 200... |
