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As the month comes to a close, today a first in the Technology industry could take place. At the same time, the Nasdaq Composite and Nasdaq 100 index could both reach “all-time monthly closing highs.” This morning the Nasdaq Composite index starts the day, 415 points above its 2000 monthly closing highs. As long as the NAS Comp index doesn’t lose more than 8% today, a new monthly closing high will be in the books.
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The above chart of the Nasdaq 100 starts the morning 1.47% above its 3/31/2000 highs. As long as it doesn’t fall more than 66 points today, it will close at an all-time monthly closing high.
The chart below measures the 3-Year annualized returns of the Nasdaq since 1981. When the Nasdaq was peaking in 2000, its 3-year annualized return was in excess of 50% per year.
The above chart reflects that that Nasdaq has done well the past three years (average 18% per year), yet its 3-year average is less than half of the gains that took place during the highs established back in 2000.
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This 3-pack reflects that the Dow, Russell and S&P 500 will close the month at all-time monthly closing highs.
Using history as a guide, its been a healthy sign when the majority of index’s are setting all-time monthly closing highs together.
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