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Nasdaq Analysis 6-25-10

The markets fell this week as I felt they would as indicated in my post from last week. The Dow and the SPX spent a brief period of time back above the 200 SMA but was only able to register very narrow range indecisive Dojis and spinning tops. Last Friday printed a Shooting Star type candle on significantly higher volume and that was my clue that we were going to retrace. We broke back below the 200 SMA and finished the week with a High Wave Doji on big volume. There is substantial consolidation from 2000 and 2001 as well as 2004 and 2005 that could act as strong support at 9750-10000 on the DOW. Support on the SPX resides at 1040. The Compq has some immediate support at 2198 and then 2150.

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