QQQQ/NDX a little messy these days with all the volatility surrounding semis and the diverging opinions, so let's look at the COMP to see if a pattern is emerging, other than the obvious selling we have been witnessing. It's not as clean as the SPX inverted head and shoulder (see July 5 post Link) but it is present if today's lows hold. The slanted neckline would put us right around a test of 50 dma at 2185, should the trendline support off June lows hold like it did today. Stay tuned, but a break above 2185 sets up a projection up to 2300. That seems like a stretch, but even a 50% projection would have us visit 2250 area. Not bad. Of course, 2185 will be key as will be current trendline support at 2115.
This entry was posted
on Tuesday, July 11, 2006 at 6:36 PM.
