Chart Talk {09.23.15-ONEQ}

Chart of ONEQ which is an ETF that represents the Nasdaq Composite.  The Nasdaq unlike most other indices is flirting with positive returns this year.  However, it's chart looks like so many others so I think it's illustrative to show the dynamic that it has to deal with going forward.  

Note that the original unannotated chart is from FINVIZ.com.  

ONEQ like many others shows in the yellow shaded areas almost a year of resistance and trapped longs at higher prices that at some point the index must contend with.  There is clearly defined support a few percentage points lower and a downward sloping trendline converging with resistance that probability suggests should be a struggle.  Clues will be garnered by seeing how ONEQ contends with each of these levels.

*Long ONEQ in certain client accounts.  Long ETFs related to the Nasdaq 100 in client and personal accounts although these can change at any time without notice.