From: Fallondpicks.com

Friday's low volume, options expiration day, reversed most of Thursday's gains - leaving traders at a point of selling resistance in Tech markets, while bulls looked to capitalize on strength in the large caps [Dow and S&P]. The NASDAQ finished the week inside a two-month declining channel, negating Thursday's supposed breakout, but on a bullish reversal in all three supporting technical indicators (MACD, OBV, and slow stochastics). The NASDAQ
100 is clinging on to its resistance breakout, but not before logging a bearish distribution day. The semiconductor index took the biggest hit on Friday, and is again, lingering around 20-day MA support. Supporting Tech. secondary indicators [$NASI, $NAA50 and $BPCOMPQ] gained, but the $NASI ended the week shy of a bullish cross in the 5-day EMA. I can see another 'bad' long signal coming here; the $NAA50 is at levels associate with tops, not bottoms (or good buying levels). The Russell
2000 had a quiet day, but was unable to take advantage of the listless trading in the Dow. Large caps continue to lead this rally, and this is bad news if you are a secular bull (but good news if you like Dow stocks!).


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