Afternoon Update - COMPQ, SMH, & SNDK

NASDAQ (COMPQ)- Daily Chart
On the daily chart you can see that the COMPQ has broken out of the symmetrical triangle pattern to the upside. As you can see, the COMPQ has broken out of the symmetrical triangle and has pulled back to test the breakout line. Indicators and oscillators are bullish on all time frames (Monthly, Weekly, Daily). The PPO is showing bullish divergence and the stochastics are bull flagging. The clue that the COMPQ is heading higher is due to the COMPQ crossing the 72% retracement mark at 2306.21. Once the COMPQ retraced down to C at 2232.70 and then back up to the 72% retracement level this action then turned the move into a corrective A-B-C move.

Semiconductor Holders ETF (SMH) - Daily chart
The SMH daily charts illustrates that it is in a diamond pattern. Diamond patterns are showing up all over the place in this market. Due to the weakness INTC I have been avoiding the SMH. I prefer AMD. However, the SMH did have a good day today. The 123 bearish trend reversal remains in the SMH, but it is starting to look bullish.

SanDisk Corp. (SNDK)
The daily chart shows that SNDK has been in a wave 3 to 4 correction since the beginning of this year. As you can see on the daily chart, SNDK remains in it's ABC corrective channel. My original short term target was $67.00 but because the downtrend line keeps dropping my short term target is $65.00. The Aroon, Williams%. and PPO are still bearish, but the RSI and Stochastics have bottomed are beginning to reverse upwards.