Very nice charts on your site today.
I'm thinking that the resistance on the compx at 1940 and 1960 is likely to be broken, which would be consistent with a wave C for this corrective pattern. On a break, I'd look for a possible test of the 20 day sma which is currently just above 2000. I may be a buyer of some QQQ's on any moderate weakness this morning.
I'm also noticing a bullish crossover in the macd (12,26,9) for the nasdaq averages and several important tech stocks. On the next move down, I'd be looking for any new lows in the averages to be accompanied by a bullish divergence in the macd, which would give me a nice intermediate buy signal. Of course, a big drop could negate the bullish divergence, but, if we see a break above the Jan.-March down channel first, I'm thinking the subsequent drop may not be too bad.
That's just my guess, and there's a lot that can happen in the next few days to make hash of my scenario. |
