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

Note that KimbleCharting is offering a 30 day Free trial to See It Market readers.  Just send me an email to services@kimblechartingsolutions.com for details to get set up.

 

Twitter:  @KimbleCharting

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.

NOT INVESTMENT ADVICE – PLEASE READ INVESTMENT DISCLAIMER.