Apple Stumble Weighs on Nasdaq

For my weekly article I wrote for TraderPlanet I decided to take a a look at the support and resistance levels that could be important going forward for the Nasdaq Composite ($QQQ).

Here’s a blurb:

As you can see in the chart below, the 38.2% Fibonacci retracement level from the June low to the September high has been an area of trouble for the Nasdaq ETF to get through. When we see a security falter at a level of resistance we can look at momentum to see if it is trailing off or if it was just as strong as the first attempt to break through resistance.

Go read the rest: Apple Stumble Weighs on Nasdaq (TraderPlanet)

Disclaimer: Do not construe anything written in this post or this blog in its entirety as a recommendation, research, or an offer to buy or sell any securities. Everything in this post is meant for educational and entertainment purposes only. I or my affiliates may hold positions in securities mentioned in the blog. Please see my Disclosure page for full disclaimer. Connect with Andrew on Google+.

About Andrew Thrasher, CMT

Andrew Thrasher, CMT is a Portfolio Manager for an asset management firm in Central Indiana. He specializes and writes about technical analysis as well as macro economic developments.