We note that the NASDAQ 100 Index and the Semiconductor Sector Index are both weaker relative to the Dow Industrials and the S&P 500 Index. For one, both the $NDX and the $SOX pulled back below the 50-day MA before finding any buyers.
On this move up, the first upside target is the upper edge of the pattern, around $NDX 1500 and $SOX 525. The 20-day EMA and 50-day MA are lurking at around the same point, and we have to be mindful that sellers may be lurking.
04.03.01 17:07 #