2007-3-20 2007-3-20 Today's pullback was not surprising. We have talked about the need for a correction for the last few weeks and now we believe we are in the middle of that correction. After the pullback, we believe that the stock market will continue higher. This correction will relax the overbought condition and allow for additional gains in the weeks and possibly months ahead.The first chart is of the NASDAQ Composite. You can see how the index broke our lower uptrend line and closed just above our support area of 2330 today. The next key support area is 2300. It is likely that the decline will stop here. text/html 111402 http://www.nasdaqwizard.com/midweek110106.html 1.0 EN index,follow Today's pullback was not surprising. We have talked about the need for a correction for the last few weeks and now we believe we are in the middle of that correction. After the pullback, we believe that the stock market will continue higher. This correction will relax the overbought condition and allow for additional gains in the weeks and possibly months ahead. text