Here are 3 things that jump out at me when I see this chart that couldindicate more weakness coming. These are in addition to the fact we’re still way below it’s 200 ma, which means the bearish trend remains firmly in place. The NASDAQ has been relatively strong as of late, and if the semi’s aren’t leading the way I have a hard time believing tech will lead this rally much higher.

  1. We just reversed off of resistance.
  2. We were trading outside the upper bollinger band indicating a reversal was imminent.
  3. Accelerated volume on down days.