Sometimes, the answer is the simplest and obvious.
Market's very important and usual leader index, QQQ or NASDAQ could not cross the downward trend line which started from 07/07/11 high. Although other indices have been clear said similar overhead resistance. That is the reason, NASDAQ fell harder than other market indices. Market (NASDAQ) and SPY, the S&P-500 must overcome the resistances as shown on the attached pictures with gap above this level or with strong wide up bar.
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| SPY Forecast & Analysis 7-13-11 |
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| QQQ Forecast & analysis 7-13-11 |
