The Nasdaq Composite weekly chart has moved up at the slope of the 2007-2008 drop. The parallel angle has provided support in July and has held price up in August. I am assuming a break of this angle is a signal that a top is in or very near.
The angles which have bounded price during 2009 are at the verge of being broken by price. There has been a 200% move up from March with respect to the drop from January to March. A break here will also break the angle on the weekly chart above.
Charts courtesy of Stockcharts.com
Because people love the head-n-shoulders pattern so much, I will point out the possibility that the 50dma could support a broken price and the right should could form on a weak bounce. My point being that even if price of the index is broken, it does not follow that price will immediately fall off a cliff.
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