The rally over the past few years has taken the Nasdaq 100 back to levels last seen at the heights of the Dot.com bubble in 2000. At the same time the NDX 100 is hitting its 2000 highs, monthly momentum is hitting levels last seen in 2000.
Over the past few years, the NDX may have created a multi-year rising wedge and the weakness of late has it breaking the bottom of the wedge pattern.
The NDX is kissing the underside of resistance lines (1) and (2) at (3) above. This would be a concerning place for the bulls, should the NDX start reflecting weakness.
Full Disclosure- Premium Members are short the Nasdaq, due to this Power of the Pattern situation, with a stop just above resistance.
This was originally shared on Kimble Charting Solutions
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
