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. english education wiki commented on May 21

    english education wiki

    […]although websites we backlink to beneath are considerably not connected to ours, we feel they’re in fact worth a go by way of, so possess a look[…]

  2. business school in sweden commented on May 23

    business school in sweden

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

  3. Lefkoşa satılık villa commented on May 24

    Lefkoşa satılık villa

    […]Every after inside a though we choose blogs that we study. Listed below would be the most up-to-date web sites that we opt for […]

  4. ponožkové legíny commented on May 24

    ponožkové legíny

    […]Here is a good Blog You might Find Fascinating that we Encourage You[…]

  5. snuff bottles commented on May 25

    snuff bottles

    […]we came across a cool web-site that you might enjoy. Take a search for those who want[…]

  6. old postcards commented on May 25

    old postcards

    […]although internet websites we backlink to beneath are considerably not related to ours, we really feel they’re essentially worth a go through, so have a look[…]

  7. e mart home improvement pinetown commented on May 25

    e mart home improvement pinetown

    […]please check out the websites we stick to, which includes this one, as it represents our picks from the web[…]

  8. lucid dream vibrator commented on May 25

    lucid dream vibrator

    […]check below, are some entirely unrelated web sites to ours, however, they may be most trustworthy sources that we use[…]

  9. learning chinese commented on May 25

    learning chinese

    […]below you will uncover the link to some internet sites that we think you’ll want to visit[…]

  10. travel zone bag shop commented on May 25

    travel zone bag shop

    […]below you will locate the link to some websites that we consider you should visit[…]

  11. sex toy butterfly commented on May 25

    sex toy butterfly

    […]The facts talked about inside the report are several of the ideal available […]

  12. sex toys cleaner commented on May 25

    sex toys cleaner

    […]that may be the finish of this post. Right here you will come across some sites that we think you’ll appreciate, just click the hyperlinks over[…]