If Nasdaq is market leader for S&P 500
S&P 500 is market leader for FTSE 100
IF we can work out what the Nasdaq will do next week then that will give us an edge
So lets find out?
Let the analysis begin of all the market leading stocks in order to gain direction
1 month 1 hr charts
Apple - Bullish - 50/20 MA pushing upwards- mini downtrend broken....13980 gap fill key level
Baidu - Neutral - 50 and 20 MA starting to point down, if key trendline breaks then down
Amazon - tight range - could go either way
Cisco - Bearish - Clear down trend channel in play , next support 1850
Rimm - Bearish - clear down trend in play, next support 7200
Intel - Neutral - looking like its trading sideways
Microsoft - bullish full stop ......has to break 2400 in order to break uptrend
Google - down trend seems to be broken but trading sideways- possible calm before the storm. resistance at 42000, failure here will take us down again to 41330 , break out on upside will take us to 43000
conclusion
2 out right bullish
3 neutral - trading sideways
2 outright bearish
Nasdaq looks like it is going to be rangebound as the stocks analysis above suggest, 1440 - 1470
Nasdaq failure to close above 1470 is a negative sign in short term and next target could be 1450 - 1440 again
I will watch these stocks closely for direction