Another test to see if NASDAQ is now stuck in a trading range
That was a solid test for NASDAQ on Monday, but one day does not establish a trend. The question right now is whether NASDAQ hit the top edge of a trading range and whether it will now trade down towards the bottom edge of that range. So, today will be a second test to see if there is any substantial interest in continuing the sell-off from Monday (and Friday), or whether this was simply a little "breather" rather than a full-blown trading range or outright correction.
NASDAQ futures are indicating another sag at the open. The question remains whether people will continue to pile on to any selling, or whether we hit "selling exhaustion" and people start "buying the dip."
-- Jack Krupansky