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The attached daily NDX chart shows that the index has retraced approx 50% of its recent decline. It has met resistance at a 1/3 speed line drawn from the top and the upper Retracement Zone.
When I made the post yesterday, the question in my mind was what would happen next. Would the index have the strength to break thru the resistance or would it fade at this point?? I posted my buy point strategies yesterday.
Michael Murphy publishes a high tech newsletter. He told his subscribers after the Friday close that he has learned of an impending earnings disappointment of a major tech leader. He would not name the company but he has changed his short term recommendations.
My own calendar counting, which I will not belabor here, suggests that there could be a change in trend during the July 5-8 time period. And, altho I do not subscribe to Eric Hadik's services, the teasers he publishes suggest a downward move is at hand.
This taken altogether favors a near term top. I have taken profits in my INTC and EMC positions and tightened the stops on my other high tech stocks.
Steve
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