Market Outlook: Friday 3/24/2006

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Please read: How to use G-FORCE
http://www.3stocksonfire.org/trading/index.php?topic=4893.new#new

Nadaq

The Nasdaq Composite, S&P 500, Dow and many sector charts all had inside days yesterday.  Inside days are simply when the open-close of a day lies within the previous days open-close.  What they show is price contraction especially when coupled with lowering volume.

After an inside day we are on the lookout for a price expansion.  This can go up or down.  Usually Friday's are pretty quiet so another day of price contraction is not out of the question and would give us a powerful trending day on Monday.

The Market(Nasdaq) is truly at a crossroads.  There is strong resistance above...that candle 3 days ago is a short-term bearish signal.  The reverse was powerful and came on strong volume.  Yet the Nasdaq remains above the 50 and 200sma for now so one can't truly be bearish.

Nasdaq Resistance: 2305, 2325, 2333
Nasdaq Support: 2282, 2263, 2238

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Today's Economic Calendar shows:

8:30am - Durable Goods Orders

10:00am - New Home Sales
Consenses = 1200K   Previous = 1233K

Earnings
No big ones scheduled.


Gap List for 3/24

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I'll try to add intra-day charts during the day.  Feel free to add Markets/Sector analysis, news and commentary. 

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Nasdaq intraday 5-min charts:

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Nasdaq 5-min..tryin out new color gradient 

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