Saturday, September 24, 2011

Nasdaq (QQQ) still Bullish

The market bulls felt some pressure over the last few days after experiencing a hard selloff . I turned bullish on the nasdaq when it broke above the high the of trading range. It is not uncommon for the market to pullback after breaking above a tough resistance point. You have to remeber to follow the signs the market gives us. The last pivot point held after a retest and so far looks like it is heading higher. I marked this retest with a yellow arrow. I will not turn bearish on the market until the $50 support level is broken. If the lows break after this much of a move I would expect a large move down. I would then look to short the market heavily at that point. I will remain bullish and follow the market trend until I see signs of change.

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