Nasdaq Reaches Important Technical Price Resistance!

Technology stocks continue 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!

Nasdaq Composite “weekly” Chart

nasdaq composite rally important breakout price resistance level investing chart

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Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

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