NASDAQ Technical Picture - Trendline Breach - Bullish Bias Intact

By: Wall Street Warrior Sunday, August 26, 2007 2:18 AM

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The fear factor as measured by the VXN is clearly well off of last Thursday's multi-year high and the bulls are temporarily back in control with a trendline breach. We are back in the overbought zone and month-end is just a heart beat away. A pullback in the early part of next week would help alleviate the extended short term technicals and allow a bit of room ahead of the end/start of the month positive bias. Don't want to get ahead of myself but the Fed move last Friday certainly has had a big impact in dissipating the fear factor.

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The above story is the opinion of the author only and it does not reflect iStockAnalyst opinion. Further, the author is not personally advising you regarding the suitability of the story for your investment needs. In no event iStockAnalyst will be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from or arising out of, or in connection with the use of this information. Please consult your investment advisor before making any investment decision.

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Research Related Stocks: AAUK, ACA, ACH, AFN, ANEN, ANSV, APSG, ASIA, AVCI, BCSI, BECN, BGP, BIG, BRP, BTM, BWS, BYI, BZH, CALM, CCBL, CDL, CHS, CIEN, CKSW, CMED, CMOS, COCO, CONN, CPWM, CTRN, CWTR, CYBX, DEEP, DELL, DFC, DJO, DLIA, DLM, DLTR, DRYS, DSL, DY, ENER, ESL, ETEL, EYE, FCEL, FED, FLML, FRE, FRED, FWLT, GCO, GDP, GEF, GME, GMET, GMTN, GSAT, GTI, HDNG, HEI, HOV, HRB, ICTG, IDP, IVN, JAS, JAV, JOYG, JRN, KIRK, KNSY, LAD, LAYN, LGCY, LNDC, LNUX, LTXX, MCRS, MEA, MENT, MNCP, MTG, MTH, MWA, NFI, NM, NOVL, OPLK, OREX, OTEX, OVTI, PEC, PLCE, PPP, PSS, RDN, RDYN, RSTO, SAFM, SBP, SEAC, SIGM, SMTC, SNCR, SNDA, SNIC, SR, TBSI, TCHC, TDSC, TIE, TIF, TLB, TMA, TOA, TSS, TUES, TWB, TWP, UA, UEPS, UNFI, VC, VIP, WCI, WNS, WSM, XJT, ZGEN, ZLC,

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