Still some decent charts out there

Posted by downtowntrader | 5/01/2006 10:00:00 PM | 0 comments »

I had to look pretty hard, but I did find a few charts that still look decent on the long side. Todays late day reversal may be the nail in the coffin for this bull rally, but there is a chance we still get a bounce here, particularly on the nasdaq. If we are topping out as many believe, then I can envision the nasdaq forming a Head and Shoulders or Triple top. Here is an updated Nasdaq chart. You can see a possible double top or left shoulder and head. As the nasdaq pulls back to the trendline it could get a bounce.SCSS whethered mediocre earnings and is drifting to a trendline.
EXP looks to have finished the recent pullback and has support on the trendline.
OVTI is one of the more promising charts I turned up. Nice consolidation here and indicators are perking up.
CMC managed to hold on to gains today and finished with a close over the previous 52 week high.
AKAM also hit a new 52 week high and held up very well when the nasdaq was tanking.
Here are a few charts to watch in case the markets are red tomorrow.

ISE has fellow exchane stock ICE reporting tomorrow. If ICE disappoints, then ISE could break out of the triangle to the downside.
Has MFLX started a downtrend or is this still part of a normal pullback. Keep an eye on the trendlines.
NSSC looks like it broke out of the existing channel and is testing previous support as resistance. Could break down any day now.

Thats it for tonight. Good Luck,