Internet Index Power Shift?

Since our last phone call, the Internet Index has powered from below the 100% retracement level to the 161% level (see red circle). What a move up! My take is that the lock step upward movement of GOOG and BIDU helped this explosive movement. Over the past 2 weeks the NDX owes most of it's euphoric upward movement to the Internet Index as the SOX, Software and Biotech have really been a mixed bag. These 4 sectors, Semiconductors, Biotech, Software and Internet are the strongly represented in the Nasdaq 100 so we often look to their performance to gauge the health of the NDX.

Now that the Internet Index has "kissed" the 161.8% resistance area and formed a "spinning top" at yesterday's level, we'll need to wait for the next few days price action to show us some direction.

Internet Daily Chart