Nasdaq, Q's Strong Relative to S&P

I have a confession to make: One of several reasons I am having such a tough time flipping around to the short side is the behavior of Google (NASDAQ: GOOG) and Apple (NASDAQ: AAPL)! Both stocks are flying, making new all-time highs, which strikes me as a bit odd if the overall averages are about to implode...

In any event, let's have a look at my updated near term chart analytics of the Q's (NASDAQ: QQQQ), which we can compare with the prior posting of the SPDRs (AMEX: SPY).

While the SPY presses against the May 24 pivot low, let's notice that the Q's are in a much stronger technical position at the moment, and have yet to really challenge the March-June support line, now at 46.60. Should the Q's break support at 46.60/50 only then will I expect to see downside acceleration through critical support at the May 24 plateau of 45.97.

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