Nasdaq

They don't say "stay with the trend" for nothing. The past two weeks have shown signs of an upcoming down move, but timing is everything. This market has now closed above 1600 nine days in a row. Everytime it looks like we are going to get a break, the market has found buyers below 1600. Today's unemployment report was better than expected (if a loss of any amount of jobs is good news) causing some buying. I'm still holding my short position with a stop at 1633. I want a new high to take me out of this trade. Interesting enough both the S&P and Dow made new highs today in the futures markets, but the Nasdaq did not take out highs. The Nasdaq has been the leader on this recent move up and could be a warning sign against higher highs. I will be paying close attention to this come Monday. If the Nasdaq doesn't take out 1632.50, we could finally see the break down as MACD continues to show declining momentum and a crossover looks eminent.