The SPX took a good lick on Fri., 4/4, but is still holding its uptrend off the late Jan. '14 low.
Not so the NASDAQ which is in a confirmed short term downtrend and which just broke
below its 100 day m/a for the first time since the autumn of 2012. Since the NASDAQ has
been a strong leader among broad market sectors, you'll need to watch it to see if it proves
contagious to the other major sectors like the critical SPX. $COMPQ Daily
The NASDAQ is moving down toward an oversold condition but is not there yet and carries
trend support down around 4000. Given the occasional high volatility of this market and
the fact that confidence lost is not quickly regained here, further weakness would be no
surprise as this has been hometown for momentum players.
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