|After fours weeks of sideways price action, the clash between bulls and bears has intensified. The bears were poised to really send the Nasdaq into correction territory after Thursday's 89 point rout of this index. However, sellers were unable to follow through on Friday and the Nasdaq remains above its 10-week moving average.|
The shorter daily time frame for the Nasdaq is now in oversold territory while the longer weekly and monthly time frames remain in solid uptrends. If the bears can not take a stand and produce some selling pressure in short order, then expect the Nasdaq to print higher prices sooner than later. In the words of the adoptive father of Perseus, Spyros, "One day, somebody's gonna have to make a stand."