The NASDAQ ended the week on a consolidative note, peaking with Thursday's gap higher on the open. Since then we have successfully tested the January high as support twice. In so doing, we have carved out a series of lower highs on the 15 minute time frame above. We are about to test the trendline (red line) which has been in play since Feb. 12th. Moreover we are currently developing a descending triangle. If the trendline is breached and price falls below the January high (2509) on a closing basis, we could see a measured move lower to the green line 2490. This would bring us back to our phase 3 consolidation level. If, on the other hand the trendline holds, we could see the triangle break to the upside. Nothing too worrisome, just a time when we want to be selective.
Earnings of note in the coming week:
Mon. - XMSR, MRVL
Tues. - HANS, SIRI, ADSK
Wed. - JOYG
Thurs. - DELL
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