Monday, June 12, 2017

Critical NASDAQ 100 Support

Four Data Points!

None of the major indices – DOW Industrials, S&P 500, or NASDAQ Composite – have broken their positive secondary uptrend lines; however, today before 10am the NASDAQ 100 formed a fourth data point on its support line (light blue) and reversed powerfully.  As every higher high on the NDX chart is/was a new all-time high, the air gap at about 5480 is a strong downside draw, because there is nothing behind it.  This gap area will fill.  The question is: When?


In early summer 2014 the Dollar Index hovered around 80; however, a long term bottoming process had been taking place, and its natural course was to the upside – toward a large 2002 gap just above parity.  From that July to March 2015, the Index rose to over 100.  Filling that gap took over 12 years!

In a Curved Universe
the Straight Line is King!


No comments:

Post a Comment