For my followers who are unfamiliar with the Indexes , The IXIC is the entire nasdaq where as the QQQ (NDQ) only represents the top 100 tech; This distinction is important in what I'm about to explain.
Since Feb the IXIC has not been able to get over 12,280 while the QQQ has made a higher high since Feb; This is because only 5 tech names have been moving higher.
Just like the QQQ , IXIC is also trading inside a rising wedge
I think Monday we begin to pullback and eventually close close Fridays gap by CPI Wed.
From there we will see if the correction begins for tech or the start of a broader rally in tech..
Breakdown scenario
Breakout scenario
Since Feb the IXIC has not been able to get over 12,280 while the QQQ has made a higher high since Feb; This is because only 5 tech names have been moving higher.
Just like the QQQ , IXIC is also trading inside a rising wedge
I think Monday we begin to pullback and eventually close close Fridays gap by CPI Wed.
From there we will see if the correction begins for tech or the start of a broader rally in tech..
Breakdown scenario
Breakout scenario
