The Nasdaq break out over the ascending triangle is a longer term Bullish sign. Short term, the Nasdaq appears to be over extended. Look for a pullback towards the red trendline.
Nasdaq Near Term Overbought
A retracement towards the 2000 level, while staying above the red trend line, would provide a lower risk entry point.
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Quote of the Day:
“Despite the mania of the 1920s and the subsequent crash of 1929 into the 1932 low (a three-year decline much like March 2000 into March 2003), the market rallied for five years — until 1937 — before a new secular bull began in 1942. Bear market rallies are impressive. That’s their job, of course, to convince the herd that the bear is dead.”
Markets are not God. To many people, this statement is a form of economic blasphemy. I suggest those people should get over it. In the past, I’ve challenged the issue of how “predictive” markets actually are. I note that many people read what they want into short term jags and twists, despite the obvious limitations…Read More