Google Inc. (GOOG) has been on quite an impressive run as of late. The stock was treading along an uptrend line before moving off trendline support and making a quick run to the upside. GOOG is now trading near a minor support turned resistance level at 425. 425 will also act as a psychological barrier for the stock. Another bearish factor at this point is the high RSI levels indicating GOOG is over bought and due for a pull back.

I am analyzing GOOG in-depth for a potential position. Price action at 425 should be seen, which will help solidify our take on the stocks direction.

The NASDAQ 100 Trust (QQQQ) is back at 39, a level at which it has really struggled as of late. Resistance at 39 is strong and should prove strong once again. Below is a 10-day chart of the Q's. Notice the failed attempts to break through 39, as well as the high RSI levels QQQQ is currently trading at (high RSI indicates an over bought scenario).

I favor the short side of the index, but will closely monitor price action at the 39 level in order to obtain a general idea of the direction.

Andy Swan is co-founder and head trader for DaytradeTeam.com.  To get all of Andy's day trading, swing trading, and options trading alerts in real time, subscribe to a one-week, all-inclusive trial membership to DaytradeTeam by clicking here.