The Four Horsemen (GOOG, AMZN, AAPL and RIMM) have all put in lower highs on the daily charts this past week. The NDX has put in an equal high. If the four horsemen are the directional indicator (I use that term loosely) for the NDX then I need to sway my bias a little more to the bearish side given the double top and weaker horsemen. I will not trade based on that assumption, but it does give me a little more data for my short term bias.
Now we need to watch to see how the weak DOW and SPX affects the stronger NDX and RUT or vice versa.
NDX is still looking strong from an intermediate perspective and is still hold up nicely above 10,30,100 and 200 moving averages on the daily charts. 1950 will be an important support level as any close above that area will create a higher low.
NDX Daily Chart:
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