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TAM's Morning Cup of Jo: May 18, 2011

|Includes: PowerShares QQQ Trust ETF (QQQ), SPY

Just as anticipated, the NDX bounced right off the bottom of the lower tine of the fork. From here it becomes a bit more challenging to determine the next impending direction – longer-term that is. Our best guestimate is that the index will retest the center tine again to confirm the break before heading back south. Once again, if this lower tine is broke on a closing basis the next shoe to potentially fall will be the SPX around 1,300. For now, we wait.
NDX Hourly