Chart o’ the Day: The Nasdaq Explodes, Despite Apple

The Nasdaq has been incredible for the last 18 months, and is up almost every day for the last three weeks.

Bank of America Merrill Lynch’s chief technician, Stephen Suttmeier, takes a look at the broad up-channel and what it could mean longer term. He also notes how Apple’s weakness has not ended up mattering at all:

The NASDAQ Composite broke out from a basing pattern that had been in place for
12 years in early 2012 and this moved the NASDAQ into a new secular bull market.
Since the breakout, pullbacks in the NASDAQ have held the breakout point in the
2900-2700 area. Initial chart and uptrend support moves up to 3200-3100. Key 50%
and 61.8% Fibonacci resistance levels are near 3120 and 3595 – the NASDAQ has
moved above the 50% level and is testing the 61.8% level. There is eventual upside
potential to rising channel resistance is projected in the 3800-4000 area.

qqq

 

Source:

Bank of America Merrill Lynch

Full Disclosure: Nothing on this site should ever be considered to be advice, research or an invitation to buy or sell any securities, please see my Terms & Conditions page for a full disclaimer.

What's been said:

Discussions found on the web
  1. find out commented on Jul 20

    find out

    […]we came across a cool web-site that you could get pleasure from. Take a appear should you want[…]

  2. find commented on Jul 20

    find

    […]always a significant fan of linking to bloggers that I really like but do not get a lot of link love from[…]

  3. additional hints commented on Jul 21

    additional hints

    […]that will be the end of this write-up. Right here you will come across some internet sites that we think you’ll value, just click the hyperlinks over[…]

  4. you could try this out commented on Jul 21

    you could try this out

    […]Wonderful story, reckoned we could combine a few unrelated data, nevertheless actually worth taking a look, whoa did one understand about Mid East has got much more problerms as well […]

  5. vibrating dong commented on Jul 21

    vibrating dong

    […]please stop by the web-sites we comply with, like this 1, as it represents our picks in the web[…]

  6. check it out commented on Jul 21

    check it out

    […]we prefer to honor several other web web-sites on the net, even if they aren’t linked to us, by linking to them. Under are some webpages really worth checking out[…]

  7. look here commented on Jul 21

    look here

    […]always a huge fan of linking to bloggers that I enjoy but really don’t get lots of link really like from[…]

  8. Adam and Eve Sex Toys commented on Jul 21

    Adam and Eve Sex Toys

    […]Wonderful story, reckoned we could combine a handful of unrelated information, nonetheless really really worth taking a search, whoa did one master about Mid East has got far more problerms at the same time […]

  9. ben wa balls commented on Jul 22

    ben wa balls

    […]one of our guests just lately encouraged the following website[…]