Nasdaq Needs to Hold 2286 080108

The Nasdaq must hold the morning low of 2286, or another 40 point drop is probable. Note the double bottom on the 60-minute Nasdaq chart. Look for a higher high candle to get back long QLD.

The old faithful trading pattern with a higher low pivot works it’s magic on QID. Notice how it ran to prior resistance at 46.

The same pattern flipped over, a lower high pivot, dropped QLD back to trendline support near 70.