Sunday, August 17, 2014

Nasdaq Shake 'n Bake

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The Nasdaq bulls made their presence known last week as this index reclaimed its 10-week moving average.  After a shallow 3.7% Shake 'n Bake* correction, the Nasdaq has formed a 6-week double bottom base and is poised to make fried chicken out of any bears trying to call a market top.  

Additionally, the low of two weeks ago appears to be an obvious and logical level for bulls to exit the market should this level be breached ~ whether it is too obvious remains to be seen.  For the moment, the trend is up until proven otherwise.

*Shake 'n Bake http://youtu.be/oeQ2tgNtM3U