We have a big week ahead, between NVDA on Wednesday and Jackson Hole on Friday, so let’s look at the index charts as of Friday’s close.
The Nasdaq Composite did two important things recently: first, it did NOT challenge its lifetime high, even at its strongest, and second, it DID establish a new price gap, which will be an important resistance point.
The S&P 500 did recently hit lifetime highs, but over the last week it created its own price gap. The key support right now is that lower dashed green line which, if crossed, would give us a failed bullish breakout (perfect for this time of year).
The semiconductor index has gone from an “A” quality top to a B-, but it still has a real chance of pushing toward that supporting trendline.
The Nasdaq 100 has gone from “A” to probably “C+”, but the price gap last week truly helped.
As for the Dow 30, it shaved off about 2,000 points from its peak to Thursday’s low, and even with Friday’s bounce, we still have, for the first time ever, damage to the supporting trendline for 2026.
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