QQQ Daily in confirmed A-B-C down: 03/26/2014

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86 of the $NDX's 100 components closed in the red today. Amazing that Q's only closed down 1.14.

Q's now in confirmed A-B-C down after clearly breaking the B point. I've drawn in the possible course they might take on their way to the $83.50 area but I really have no idea about whether or not they're going to bounce. They might just drop straight down, though it never seems to happen that way. Very important support in the 83.50 area and if that should fail to hold, then we're clearly going much lower.

With $SOX index closing 11pts off its high & with IBB             closing 8pts off its high, you just have to wonder if we have front row seats to some kind of major decline.

Dip buyers have had nothing but success for a very long time but with $SPX             up only 4pts for the year, you have to wonder if the day of the dip buyer is coming to an end.

All I can say is be extra crispy careful for now.


$SPX has been trading a different pattern than QQQ so I wonder if they soon come into alignment. QQQ is now less than 1% from 100 DMA which has provided extraordinary support for quite some time. Since trends stay in place without a precipitating event(s) I have to play the QQQ rebound and potential further correction of the SPX. The SPX 100 DMA is ~1820 so I don't see much downside there either and no enough downside to go short at this level. SPX is in a very confusing trading pattern that I simply cannot predict short term. Mid-year SPX upper channel get room to 2000 and year-end upper channel is 2100. Sideways move is subsequently very healthy to build upside potential.
CurtisM SimGlenn
Glenn, it don't get no tougher than it is right now. The $SPX is essentially right back where it was in the December-January period. While all the longer term trends and charts are positive, this is not helping determine direction right now. I honestly don't have a clue and I'm having to adjust views on a daily basis.
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