MarketTamer.com: Shocking Market Move on Nasdaq, But Will It Continue?

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The INDU, SPX and COMPQ all formed Cup & Handle Chart Patterns and broke to the upside with gusto out of that pattern. The volume was not impressive which leads me to believe that we could stall and possibly retrace. All three indexes broke above the 50 SMA and a logical retracement target could be back to test the moving average. The COMPQ formed a double top which give further credence to the thought that the index will consolidate and possibly retrace. If the COMPQ breaks above the double top, I must see that happen on increased volume to confirm the breakout.

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