NASDAQ And NAZ 100

(Click On Charts To Enlarge)

Chart #1: Since the beginning of 2008, the NASDAQ Composite has formed a possible Bullish DOUBLE Inverse H&S (purple one, nested within the blue one) with the neckline slightly above the 2386.69 August, 2007 low. For today, a print of 2385.59 would be a technical breakout above the neckline (blue), but we'd also want to see 2391 and 2413 (the highs on the neckline) get taken out as well. A breakout would put the 2530's IN PLAY. That's the declining 200DMA (dotted red line) and the November 26 low (Red #1), prior to the Symmetrical Triangle breakdown on January 4, 2008.

Chart #2: The NAZ 100 already has broken out of a Bullish Falling Wedge with a nested Symmetrical Triangle (green), which put 1954.99 IN PLAY, very near a 50% Retracement of the decline from last autumn. The 200DMA currently is at 1962, just above the target. On the breakout rally to 1885, the 20/50 DMA's made a Bullish Cross. On the pullback, the index filled the April Fools' Gap, put in a Bullish Hammer at the 50DMA, and has begun to move higher.