Maybe the Internet sector will begin to participate in the overall Nasdaq upmove now that YHOO appears to have established a final corrective low at 23.57 this morning and has reversed into positive territory.
If that proves to be true, then the major drag (28%) from YHOO on the HHH has been lifted, which should enabled the ETF to play catch-up in a hurry. Based on the enclosed daily chart, a hurdle of 50.41/50 should trigger acceleration to 52.30/70 thereafter.
Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.
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