NQ Support Zone

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As delighted as I am to see the NQ getting wrecked, I want to caution any bears out there (in case there are still any left besides me) that this drop is really just wiping the foam off the beer. We are falling back toward what is fairly strong support, pointed out below at the price level 4,555. Until and unless we cut through that level (as I think we ultimately will), this is merely a “healthy pullback”, as the brain trust from CNBC might utter. And those yo-yos are right; what we need is a failed bullish breakout. We’ll get it, I think, but it’s going to take more than one lame conference call with AAPL to do it.

0722-nq