Weekend Update - COMPQ, NDX, & BPNDX

Good Morning. Here we have the nasdaq chopping around in a range since the beginning of the year. There is a lot of whipsaw in the COMPQ.

The Nasdaq Composite (COMPQ)- Monthly Chart
On the monthly chart, the COMPQ has been trading in an up trend channel and inching up slowly for the past few months. The COMPQ is bullish above 2280. The COMPQ is bearish below 2240. Resistance is at 2332.95, which is the 52 week high price. Old resistance was 2328.10 which the COMPQ has crossed. The PPO is coiling and indicators and oscillators are bullish. Remember what fails to break down will break out.

The Nasdaq 100 (NDX) - Daily chart
Why is the NDX lagging? It has to do with the chips. If you look at the chart going back to April 2005, you can see that it has held it's uptrend line for the past year. As you can see from the chart, the lows held in April 2005, and then the lows held again, in October 2005. You can see that the NDX also made it's the lows on March 10th at 1634.25. As you can see, the NDX has rallied off of those lows and remains in the uptrend channel. Indicators show some whipsaw but also show some potential, the PPO is starting to look slightly bullish with some divergence, and stochastics have turned up.

The Nasdaq 100 Bullish Percent Index (BPNDX)
The daily chart of the BPNDX illustrates that it is in a falling wedge reversal pattern. This shows that the NDX is getting buy signals. This looks like a double bottom. There is divergence showing up in the indicators and oscillators, which is bullish.