2006-5-8 2006-5-8 Today, most of the indices ran into major resistance and not surprisingly, pulled back from their intraday highs. Most of the indices fell to strong support and it is quite possible that the pullback is over. Tonight we will discuss four charts: the NASDAQ 100, NASDAQ Composite, S&P 500, and the Semiconductor ETF, SMH. The first chart of the NASDAQ 100 is the same chart from last week's commentary. You can see how the NASDAQ 100 did push to the major resistance we indicated and pulled back to the breakout point of its ascending triangle formation this afternoon. You can also notice how volatility, as measured by Bollinger Band Width, has started to pick up. We believe it is likely that the NASDAQ 100 will find support at the top of the ascending triangle, the 1700 area. Even if the NASDAQ 100 does break below this level, soon we believe the index will break above today's resistance at 1725 and completely invalidate the possibility of a head and shoulder formation. 157113 text/html http://www.nasdaqwizard.com/MidPics/mid040306.html 1.0 EN index,follow annotated charts nasdaq composite nasdaq 100 qqqq smh s&p 500 Annotated Charts of the NASDAQ 100, QQQQ, NASDAQ Composite, SMH, and S&P 500 text