12:20 (Dow Jones) Technical indicators show a critical decision point for the Nasdaq 100, says John Kosar, analyst with Bianco Research. Currently the 200-, 50-, and 20-day moving averages are converging, and when that's happened in the past it preceded a new, sustained directional move. But the question is, which way? To shed further light, Kosar looked at the VXN, a measure of implied volatility for the Nasdaq 100. Past VXN readings below 48 have coincided with Nasdaq tops - and the index is currently around 43.00. "These two factors together suggest a bearish resolution to this index from its current level," he concludes. (KJZ)
