The NASDAQ 100 is at a major pivot point on the charts. Based on where we close today (above/below), will determine whether the technology stocks bounce or collapse lower. Should the PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ:QQQ) close below the trend line revealed in the chart below, the downside target is $109.85 within days. Remember, this level is important only on a closing basis. Intra day it means nothing. In other words, we are below during lunch today, but can they, will they rally it back above by the market close today at 4pm ET.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
