Bottom Line: You think it is likely to bounce off that black line. And I agree with you.
KLang
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I'm going to let SPY tell me that. I think SPY touching the top trendline of the chart I did today should coincide with QQQ .618
OldGoat
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NDX has been in the lead for a while and I think we are in a transition to SPX moving into the lead. What we are experiencing is a battle as NDX tries to pull down the market and SPX tries to push it back up. I suspect that we are close to another turn in the battle. The 707 retrace may be the magic spot. At 88.97 it is remarkably close to the March High.
KLang
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I think this was just about "good" corrections in IWM and QQQ which did not give up much at all during any mini-corrections we had in all of 2013. They needed it. I do, however, think IWM may not be as strong as it has been. I think all the good news is "priced in" for growth stocks. I could be wrong - that's just my point of view
A-shot
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Well now, indeed i think the same. NDX went down too much too fast - but that is mostly on Bio tech and IBB. Still, Biotech post good earnings recently, given the correction may have been too harsh. Still, the general market sentiment leads me to a top in may, similar to last year and 2011. At the moment, just a speculation.
KLang
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I disagree - it did not go down too much too fast. Based on WHAT? It did what it did. There's a pattern in play. And momo's helped to take that down as much as bios. People who think these momo's will turn on a dime have been disappointed over the past two weeks. These corrections were needed and they are not going to go straight up.
A-shot
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Agree - needed. I meant that from being the leading index (gained more than others in the recent quarters), it dove below, more than the others (as some articles note, taking other indices down with it). The correction was indeed not only needed, but an awaited one.
A-shot
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So you don't believe there is steam enough to push through? I have the exact same chart for NAS100 and i suspect it won't push through either
KLang
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I don't know. This is what I'm thinking in the immediate future. Well see how it handles that area. But look at it in conjunction with SPY, which I just posted. If SPY tgt is nearing, QQQ will slow down until SPY decides if it wants to break to the upside or not.
A-shot
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Just seen that. They all are within the same boundaries, i wonder if it will take a breach from all 3 to go for more upside, or just Nas100 (to me it seems nasdaq is dragging the others with it wherever it goes).