Weekend Update- Nasdaq, SPX,SOX,SML,MID,NDX

NASDAQ Intraday update (COMPQ)- 60 min
On the daily chart you can see that the COMPQ has broken out of the symmetrical triangle pattern to the upside. Today the COMPQ came close to new 52 week highs at 2324.92 with strong volume to the upside until the last our in which it succumbed to strong selling. The Nasdaq closed at 2302.60.
As you can see the COMPQ has broken out of the triangle is now pulling back towards the downtrend line. Indicators and oscillators are bullish. The stochastics are in thrust up mode. Today the COMPQ closed down 0.37% at 2302.60. We are at resistance but above support.

S&P 500 chart (SPX) - Daily chart
Nothing has really changed. Obviously, the SPX is in a pullback. The SPX is above support and below resistance. We remain in a reverse symmetrical triangle. There is nothing to buy and nothing to sell. Therefore, keep what you have. Bulls live above 1245 and bears live below that. The SPX remains in a bullish trend reversal. We have to wait and see if the SPX is going to hit the uptrend line or not. Today the SPX is down 0.15% at 1287.23. The SPX Target still remains higher at 1304. Indicators are in thrust up mode.

S&P 400 Mid Cap Index (MID)- Daily chart
As I have reiterated before, the mid caps and small caps continue to out perform the market. The daily chart of the Mid Caps shows that it has been going up steadily and staying in its uptrend channel as well as forming an ascending triangle. Indicators are in thrust up mode with low volume selling on pullbacks.

The S&P 600 Small Cap Index (SML)
The daily chart remains in its reverse symmetrical triangle (RST). As always, the general rule of thumb is, that higher highs are bullish even though this pattern itself is treacherous. The RSI on the daily chart is heading higher, the stochastics are bull flagging, and the williams% indicator is bullish and trending. It remains to be seen if this pattern will over shoot the upper trend line and turn into a continuation RST. Do not let this pattern scare you out of the market and prevent you from trading.

The Nasdaq 100 (NDX) - Hourly chart
If you look at the 60 minute chart, you can see that the NDX has been trading in an uptrend channel since the lows at 1637.66 were placed in February 2006. As you can see from the chart, the NDX has just crossed the 50% retracement level. It remains to be seen whether or not it surpass the 72% level which will then negate the recent down trend. Furthermore, if you look at the daily chart, the NDX has previously rallied smartly off of those lows and remained in the uptrend channel. Perhaps the NDX will do that again. You can see that the RSI for NDX is showing a bullish divergence and the Aroon is now in a bullish crossover.

The Semiconductor Index (SOX)
The weekly chart of the SOX shows that resistance is at 559.60. The moving averages are holding up nicely in a nice bullish fan. Indicators and oscillators are bullish and we re just waiting on a reversal to the upside.