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Friday, May 8, 2009

NASDAQ looks peaked




The NASDAQ could gain 30 points on Monday and not make a new high. It counts well from where I have marked the end of the B wave triangle. The index just looks like its hanging out waiting for the DOW and SPX to get their runs over with. It is no longer leading the charge up.



One reason I moved the SPX triangle ending spot the other night is that the spot of the old [e] did not work well with the NASDAQ.


The second chart shows a comparison of the QQQQ's and SPX. The QQQQ's (high beta) was running "hot" and now has pulled back. The pink line is the QQQQ's price performance as compared to the SPX. I don't really have a good conclusion other than its something I noticed.



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