I really liked the action in the NASDAQ today. After testing the top of the January - March downtrend channel on Thursday and Friday the Naz was able to bounce nicely today. In the process it made a morning star-like pattern while also rising back above its 50-day moving average. My stochastic indicator also flashed a buy signal today. About the only thing wrong with today was the low volume. Barring any shocking statements from Elmer the next two days I think the Naz may be headed back to at least the April high and maybe the upper Bollinger Band (~2107) if we're lucky.
You're probably right, but it could be that a channel is forming too. Lots of interesting things going on with the Naz and QQQ's.