Nasdaq Needs a Rest 042308

Tonight I’ve got a chart showing the downtrend line from the October 31, 2007 high on the Nasdaq. Now that the market has reached resistance, it’s time to pull back and regroup. You want to see the bulls power through that downtrend line. It looks as if some key earnings from MSFT and others are helping that scenario tonight, as the futures point lower.

If I get things together correctly, I’ve got a surprise for the weekend.