Same Naz Time, Same Naz Channel
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It’s time once again for our weekly
look at the Nasdaq. Guess what? We’re still in the same place we were last week
— stuck in the range. When will we move out of this range? Not even the Shadow
knows. The only thing that we’ve seen is one false breakout, which I consider a
positive sign. In any consolidation, in any time frame, I like to see at least
one false move in the same direction as the bigger move. Ideally, that false
breakout was a sign of things to come.
Today’s Watchlist:
(
ISLD |
Quote |
Chart |
News |
PowerRating),
(
UTSI |
Quote |
Chart |
News |
PowerRating),
(
ATSN |
Quote |
Chart |
News |
PowerRating),
(
ROK |
Quote |
Chart |
News |
PowerRating),
(
TEK |
Quote |
Chart |
News |
PowerRating)
Digital Island
(
ISLD |
Quote |
Chart |
News |
PowerRating) has been
trapped in a range for about two weeks now. Set your alerts near 48 3/4 and just
under 40. If we see a break to the bottom of the range, look for it to fill
the gap from June 20. Watch for high volume on the breakout day, followed by a
continuation move.
UT Starcom
(
UTSI |
Quote |
Chart |
News |
PowerRating)
moved on news this morning, but ran right into resistance. I’ve heard quite a
few people talking about using it for a daytrade, so I thought that I should
take a look. Something that I do before opening any daytrade is note support and
resistance levels on the daily charts. If you knew resistance was at 60, would
you buy a breakout at 59 3/4? Probably not. Just something to consider. You may
also want to set your alerts above today’s intraday high, to monitor it for a
low-level breakout.
Artesyn Tech
(
ATSN |
Quote |
Chart |
News |
PowerRating)
broke out to a new high this week. We saw a failed continuation move following
the breakout day, but it has yet to take out the low of that day. Let’s add this
to the Watchlist and watch for a move above the intraday high from the
continuation day. Set your alerts at 32 3/8.
Earlier this week I mentioned the bearish flag forming on the
Rockwell
(
ROK |
Quote |
Chart |
News |
PowerRating) charts. Not long after adding it to the Shortlist it broke
down. It closed at the low of the break down day and continued lower the
following day. Watch for this negative trend to continue. If you’re short,
consider placing your
stops along the downward trendline starting from the high on June 2.
Tektronix
(
TEK |
Quote |
Chart |
News |
PowerRating) traced out the right side of its cup pattern
and set a new high on June 22. Add TEK to the Watchlist and set your alerts at
77. We’ll watch for a move above this level. While we wait, watch for the 10-day
MA to lead it higher, possibly resulting in a new high. Watch for high volume on
the continuation day.
Until Monday, when
we only have a 1/2 day,Â