As with the $SPX, I like to use the A50R, A150R & A200R oscillators. In this weekly chart of the NASDAQ 100 ($ND) you couldn't ask for a more perfect technical chart! All three of the moving average indicators trading over their ma's peaked over their 80 levels, giving an overbought reading! Along with that the index made a double bottom in March, then rallied to it's 38.2% Fibonacci Retracement level and has now started to retrace lower. Where to next? I see the recent lows (1,350) being tested, I see also the similar action to the March '07 pullback.... lets keep an eye on this. One can use the NASDAQ100 Trust ETF (QQQQ), Apple is the top weighting in that.
*click chart to expand image
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