Big Boy Forking:

With the incessant chatter about how the rally has been held up by the mega-caps, some of them are not doing their fair share. Sure MSFT and GOOGL are with the former honing in on a 305.41 double bottom pivot, and the latter showing the same pattern with a trigger of 2889.11. Neither of those 2 giants CLOSED below their 50 day SMAs during the volatile action this week. But give the Nasdaq credit for doing what it has the last 3 days of this week, without the participation of AAPL and FB. Facebook looks like the more wounded one as it is still lower by 5.1% headed this week into Friday. Volume this week is heavy, the second largest in the last 4 months already with still one day to go. AAPL on its WEEKLY chart at least is attempting a comeback as it found a floor near the round 140 number, a level twice rough resistance last August and this January. If those two can get their act together a run to the very round 16000 figure is in the cards for year-end.

This article requires a Chartsmarter membership. Please click here to join.