Does anyone have a fix on the 200 sma of the Nasdaq? It looks like close to 1885, can anyone confirm?
If it is 1885, we came within 20 pts of that today. I would expect strong support on the 200 sma of the Nasdaq, as I don't think anyone really believes we should go into a bear market with earnings strong and increasing.
So I think that either today was the bottom, or else some day this week we will test 1885 on the Nasdaq.
Either that, or we're going to slip into a bear market amidst rising corporate profits, and I've never heard of that happening.
OVTI is now in a very strong support area. Very strong support at $23.70, moderate support at $24.60. In addition, 200 sma is ~$24.00. $24.00 has been the lowest I could conceive OVTI going to. It's only because of the general market performance that OVTI has reached (it got to $24.10 intraday) this area. It's still the same company it was a month ago.
I'm not surprised to see OVTI drop more than other stocks today due to the fact that it closed Friday not close to or at support.