Nasdaq Selling Ahead? Watch This Week’s Close!

Chris Kimble

We’ve written several times about the Nasdaq bumping up against major long-term channel resistance.

Well, it touched that level again this week.

The Nasdaq Composite made new all-time highs this week, poking just above the March highs.

But once again, the top of the 20-year channel (1) held as resistance and the Nasdaq turned lower. If tech stocks push lower again on Friday, we could end up with a weekly reversal bar.

Keep an eye on the pattern this week at point (2), as a potential reversal would increase the odds of a short-term stall out and additional selling.

Tech stocks have been a bull market leader, so investors want to pay attention to this week’s close!

Nasdaq Composite Chart

nasdaq reversal bearish lower at resistance highs investing chart_7 june 2018

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