Up-Trending Nasdaq Tests All-Time Highs

Published 02/28/2018, 11:36 AM
Updated 07/09/2023, 06:31 AM

Nasdaq 100

Both charts above represent the Nasdaq 100. Monthly on the left, weekly on the right.

NDX hit the top of rising channel (1) in January and stopped on a dime. Soon after, it declined 10% then reversed higher after hitting rising support at (2), which has been in place for the past 2 years.

The weekly chart shows that NDX this week is back testing all-time highs at (3). With the trend being up, bulls would love a breakout of old highs.

The week is FAR from over. There's the potential that the index is creating a bearish reversal pattern at old highs this week. What NDX does at week's end will be important for both the bull and bear cases.

For sure, bulls do not want to see a bearish reversal at old highs and then a break of 2-year rising support that held earlier this month.

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