Saturday Wrap

If you look at the Russell and Nasdaq last week you will see how absolutely indecisive the action was. Up and down and back again.

I highlighted the right shoulder action on the QQQ and IWM below.

Those right shoulders are still trying to work themselves out, either up or down.

As you can see below, the Russell held that short term support on Friday almost to the penny (blue line). Keep in mind that a break lower of that support will probably take the IWM down to February support at the 107 level.

The Nasdaq held the red uptrend line that I drew the other night. Pretty much to the penny. I still feel like it needs to roll lower before we can find a tradeable bottom.