Update on COMP: May 19, 2014

The NASDAQ is threatening to break out of the malaise it’s been in since the yellow channel bottom broke on Apr 14.  It got a nice bounce off the SMA200 on Apr 15, and has since been dancing around the SMA10 and 20.  The bulls no doubt have their eye on backtesting the yellow channel way up at the grey .886 (4323) should the USDJPY cooperate and provide a huge bounce off its SMA200 (tagged it earlier today.)

The more immediate resistance will be provided by the SMA50 at 4159 and the SMA100 at the previous high of 4177 — provided it can break out of the falling white channel.  If it fails to, then the SMA 200 is right back in focus.

2014-05-19-COMP daily 0900

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