Naz

Should be an interesting week for the Nasdaq.

The weekly chart is banging up against the trendline started back early in 2009 (which it hasn't touched sinced mid-2010) while resting on the 50 week ema.  The indicators are still pointing south.  A break below 2600, with volume could point towards a good sized pullback.  I suspect the trendline should hold on this test, but a stop near 2585 makes this an objective area to go long.

The Nasdaq 100 is resting on top the neckline identified here.  The 100 failed to hold the 200 day ema closing last week slightly below.  To get the expected right shoulder, price is going to move back above the 200 day ema in a hurry.  The daily indicators a buried in oversold territory, but have not turned up.  53.5 is pretty clearly defined support.  A break below and a backtest would limit losses for any long positions.  I'd prefer to see a reversal candlestick before committing any long positions.  The long side target would be around 58 for an 8% move.