The QQQ (Etf for NASD 100) as been breaking down, and like every other major index it is at a critical juncture. What to do, but the dip? Just like all the previous dips since March 2009, maybe.
The markets are waiting for Athens and the Fed minutes. Price normally bounces of strong support once, and then if the down trend has legs breaks on the second test of said support. So that is what we will do wait for the second test. You can bet the perma bulls will do all they can to get a rally going. Technically any rally that does eventuate will present it self as the right shoulder of a head and shoulders, and if you scan the major indexes for last 10 years the head and shoulders pattern has been there at the tops and bottoms. Waiting and watching.
As you can see the QQQ is slowed down by the powerful cycle in the SOX. Where the SOX goes do does the NASDAQ!