I charted the NASDAQ 100 Index ($NDX.X) on Friday, June 26, 2009 when it closed at $1,480.20 for the week. While I’m still not able to get on the bull band wagon for most of the indices, the NASDAQ 100 has more appeal still. NDX pulled back almost 6.5% intraday after hitting a recent high a few weeks ago and has rallied from that level. A nice round 10% correction would’ve made the story better, but the 6.5% did take some risk off the table nonetheless. I didn’t bother to draw some of the old trend lines for NDX that have broken support. Maybe I should have because I think it’s almost a positive to see that it has slowed down its trajectory. That might mean its rally has legs still since it’s following a less steep slope now.

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