Tuesday, May 14, 2013

The Fight is Still Over NDX 3k

It's kind of a bare-knuckle brawl, not only did the NASDAQ lose significant gains, but lost 3k, right now it seems that's where the battle is.
 NDX losing 3k sent volume soaring in the red.

The intraday chart shows again, selling of strength where they (if the herd was working together) could have got a follow through day, but they see gains and want to reduce exposure ASAP.

The 1 min shows a fight to hold the Q'd NDX, I don't know if it's a fight to regain 3k or just to stay green on the day, as I said earlier, a loss of today's gains won't go over well.

 QQQ breaking under the NDX 3k level, volume was serious on the second break.


 The TICK looked like an effort was being made, but that faded, we'll see if a new one emerges, I'd think keeping at least a green close is a must if they don't want big trouble.

NQW shows the same fight as well, it's very obvious in the NASDAQ whereas other averages are more resigned to distribution.

I see the TICK just made a move higher. If you have AAPL puts, I'd take profits now, it looks like they're trying to pull AAPL in to the fight, it is 20% of the NDX.


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