Nasdaq Reaches Important Technical Price Resistance
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Technology stocks have continued to lead the broader market higher. Without them, who knows where the stock market would be. Today’s chart highlights Tech’s leadership, along with it’s long-term rising trend.
Below you will see a “weekly” chart of the Nasdaq Composite. As you can see, the Nasdaq is in a 14-year rising channel (bullish). And last fall’s low was formed at the lower end of the channel at the rising up-trend. We highlighted this support last month.
The Nasdaq has now rallied back to an important support/resistance area at (1). And what happens next could be a big deal. A breakout would put bulls in control, while a turn lower would give bears a chance. Stay tuned.
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