Weekly Market Commentary: Nasdaq Bull Trap
Interesting week ahead for the indices. The index which has the most at stake is the Nasdaq. Having popped over 2,818 the previous week it quickly reversed to close below 2,781 last Friday. This is a potential bull trap which will offer supply on future advances if it's not taken care of quickly. Nasdaq via StockCharts.com The Nasdaq 100 also declined, but because it's well above 2,217 the losses are not so problematic. ($NDX) via StockCharts.com The Russell 2000 fell between both scenarios. It pushed strongly from its bull flag but was unable to break above 850. However, last week's low held support as offered by the bull flag. So it has something to work from for a challenge of 850 resistance. ($RUT) via StockCharts.com The S&P has been more modest given it is well down on 2007 highs. It's primary achievement has been to hold 1,300 support with 1,400 the next challenge. It closed Friday at 1,319. ($SPX) via StockCharts.com Breadth weakened from ri