Wednesday, February 11, 2009
Only Nasdaq Futures Make 5 Down SO FAR; Feb. 11, 2009
The Nasdaq futures have made 5 waves down as seen from the above 30 min chart, however the Nasdaq 100 cash market has not, and only the S&P cash has also done soe. The S&P futures just touched the wave 3 low, but did not make a new low to consider it a 5th wave. This fracturing of wave structure in various markets is not good for the bearish case. We need all the indices to break through to a new low and follow the S&P cash and Nasdaq futures. Otherwise this is a non-confirmation which can lead to a sizeable rally.