Tuesday, September 02, 2008

NASDAQ Weakness Continues



Over the weekend I posted a chart regarding the sudden weakness in the NASDAQ, well that is precisely what we saw happen today. The S&P was down .62% while the NASDAQ or QQQQ was down 1.24%.

You'll notice in the above chat that the NASDAQ closed below its 50 day moving average on a range expansion day. In the lower pane is a ratio chart which compares the NASDAQ to the S&P. I think its significant that the ratio line has broken its uptrend. My advice is to be cautious if you are long.

1 comment:

Anonymous said...

R u therefore planning to short the Q's and if so where do you suggest the stop be placed?

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