ajtj99's Market Pulse

[ajtj99]

LG, QQQQ has a H&S top on the 30-minute chart that targets about 1709 NDX, which also lines up with QQQQ 42 or so.

http://stockcharts.com/def/servlet/SC.web?c=$NDX,uu[e,a]faclyiay[pc9!c13!c20!d20,2!c50!c200!b50!b200...

I give that formation pretty decent odds of playing out today.
That would fill the gap around 1712 NDX.

Going into next week, the SPX could be in a bullish consolidation that would target 1345. A drop to around 1300 SPX would set that up nicely as well as take care of all of those SPY calls and puts at 130 tomorrow.

I think May 9-10 could be quad witching. Fed Meeting, CSCO earnings, Delphi court date (GM bankruptcy if there's a strike after that meeting), and GOOG double top at 470. I think that's going to start a correction into late May off SPX 1345. We'll see.