Nasdaq 100 Index At A Critical Juncture

The first chart shows the Nasdaq 100 index using monthly data and a semi-log scale. The index probably has moved too far above its moving average line and may correct back to it over the next few months, either through price or time.

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On a daily, if the index stays below the moving average and closes convincingly below 11.000, then I expect lower index levels. My two potential targets would then be 10.250-9.500.

(Click on image to enlarge)


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