The major indices have been flat to lower most of the day, but the Nasdaq-100 (QQQ) is trying an afternoon rally.
Nasdaq-100 60-Minute Chart
This morning the Nasdaq-100 fell to 40, but held at support. Prices have now rallied, but face the same test as yesterday, the 200-period moving average. A buying spree could see price rise to yesterday's high of 42.50, but if prices fall, support should hold at 40.
Nasdaq-100 Leaders and Laggards
Once again holding up the Nasdaq-100 is biotechnology stocks. Biogen, Genzyme General, Amgen, and Human Genome all top the list. Juniper Networks, Novellus, and Microsoft are also trying to push the Nasdaq-100 higher. Holding the Nasdaq-100 back is Paychex, Starbucks, Qualcomm, and Adobe.
Juniper Networks 60-Minute Chart
While Juniper Networks (JNPR) is having a stellar day, up 6.44, it may have a hard time helping the Nasdaq-100 move higher. Prices are currently battling with yesterday's high at 48.40, and the 200-period moving average. Looming overhead is the downtrend that has been in place since 10/16/2000. If Juniper can break the long-term trend, 55-60 could be a reasonable upside target.