The NASDAQ opened right near its gap support and its 50-day moving average yesterday. Traders quickly pushed the index higher but it drifted back down near the open late in the day. I wasn’t surprised to see the fade given how early the rally started. I typically like to see continued selling during the morning followed by a late day rally. So although support held, I’m not quite ready to start buying. Besides, there are still too many companies left to report earnings. I think I’ll be in daytrading mode until at least next Monday.
