I've been on a massive charting spree given the sell off and volatility. This post is dedicated to technical analysis on QQQQ (Nasdaq ETF) and its largest holdings, $AAPL (Apple), $GOOG (Google), $MSFT (Microsoft) and $QCOM (Qualcomm). Charts are courtesy of FreeStockCharts.com.
QQQQ: I'd like it exhausted at $37.50 (June, 2009 support) but that's just me.
AAPL: Apple is being mashed in an interesting triangle. It is 15.66% of QQQQ. If people continue to exit this stock, $180-ish looks like decent support from August, 2008 and $150 from June, 2009. Watch Apple to guide the QQQQ.
MSFT: It is right around near term support at $29 (uptrend and floor). If it breaks that level MSFT could hit $25-26 (summer 2009 support). Needs confirmation.
GOOG: $450-475 looks like June, 2009 floor and uptrend support. Google is 5.25% of the QQQQ.
QCOMM: Qualcomm just got rocked on 130 million shares after their earnings release and had a weak outlook. $40 could act as support but if that level fails $36 (Jan-March 2009) is next. . QCOM is 5.52% of QQQQs. The gap will get filled at some point, not sure when.
Need more chart analysis? MarketClub has a free video analyzing the NASDAQ that you might find useful. They use trends, fibonacci retracements etc. using trends, fibonacci retracements, etc. Link: NASDAQ crosses important trend line. I'm an affiliate of MarketClub and Elliot Wave International and find their products very useful for trading.