By: Mark Hanna
Posted on: October 10, 2012 at 9:03 am
Tags: Technical Analysis
We are beginning to see some more serious issues in the major indexes, especially the NASDAQ, from a technical perspective. That said some yellow flags are beginning to emerge in other areas as well. The weakness in Apple of course is creating a major effect on the NASDAQ more than the S&P 500, so keep that in mind. But there are issues – beginning with yesterday being a "distribution day"; the fourth in a few weeks. Generally this is going to be an indication of institutional selling.
With the NASDAQ we have what appears to be a bearish head and shoulders pattern. Last Friday's session was important as it seemed to be the first step to a path to negate such a pattern but it turned out to be a headfake. If the pattern fulfills the measured move to the downside would take the index to about NASDAQ 3000.
more and charts,,,,,,,,,,,,,,,
http://marketmontage.com/2012/10/10/5251/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+marketmontage%2Fxyz+%28Market+Montage%29
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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