Nightly Update - COMPQ, INDU, IIX, NQ, & MRVL


The Nasdaq Composite (COMPQ)- Weekly Chart
The weekly chart of the Nasdaq illustrates that it is in symmetrical triangle pattern. The COMPQ tried to take out the down trend line today. Despite the fact that it did not take it out today, it is bullish that it is trying to do so. This is called a violation to the upside. Furthermore, I would like to point out the fact that the COMPQ is not reflecting what is really going on. The main thing to know is that the number of new 52 week highs are out numbering 52 week lows. As a matter of fact, CEPH, CELG, and NBIX hit new 52 week highs today.

Dow Jones Industrial Average (INDU) - Daily chart
The daily chart of the INDU illustrates that it is in a continuation diamond pattern. As you can see, the INDU has tried to break out of the diamond for the 3rd time in a row. Target remains 1350 and perhaps higher. The Aroon remains in a bearish trend, but the PPO and stochastics are showing strength.

The Internet Index (IIX)- Daily chart
As you can see by looking at the daily chart of the IIX, it is forming an ascending triangle. It is completing a wave (3 ) to (4) pullback. The IIX remains in a bearish trend reversal; indicators and oscillators are still bearish. This is one index that is not on 52 week highs. The Internets are weak. However, I want to point out that there is no bearish divergence in the PPO and stochastics. The following Internets are strong: AKAM, NTES, ARBA, FFIV, & CKCM.

Nasdaq Futures (NQ)- NQ Daily chart
Nasdaq Futures have failed on the first attempt to cross the down trend line and then again the second time. Technology is just a tad weaker than the SPX and the INDU. However, the MACD is showing bullish divergence.

Marvell Technology Group, Ltd (MRVL)- Daily Chart
As you can see by looking at the daily chart, MRVL had a huge break out today. What I want you to remember today, is that more stocks are breaking out and acting well than not.