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

Posted by

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

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers

Please see disclosures here.

What's been said:

Discussions found on the web
  1. Blue Coaster33 commented on Apr 20

    The Slave of the Husband

    Seeking in advance to finding out additional from you afterward!…

  2. streaming movies commented on Apr 23

    Third Flower

    My wife and that i have been now delighted that Albert could perform his studies due to the strategies he had through your web content. It can be now and again perplexing to only often be making a gift of measures which some individuals could have been…

  3. watch movies online commented on Apr 24

    Thorn of Girl

    Superb details is often uncovered on this website blog site.

  4. watch movies online free commented on Apr 24

    Healing’s Dragon

    to search out issues to boost my internet site!I suppose its ok to generate usage of some within your principles!!

  5. water ionizers commented on Apr 25

    Whispering Misty

    So sorry you can expect to pass up the workshop!

  6. alkaline water commented on Apr 26

    The Silent Shard

    This can possibly be rather valuable for many of the jobs I plan to never only with my blogging site but

  7. kangen water commented on Apr 30

    Healing’s Dragon

    to find issues to improve my web-site!I suppose its alright to create usage of some of one’s ideas!!

  8. kagen water commented on May 01

    Souls in the Waves

    Excellent Morning, I just stopped in to go to your internet site and thought I would say I experienced myself.

  9. Google commented on Feb 15

    Google

    Very couple of websites that happen to be in depth beneath, from our point of view are undoubtedly effectively really worth checking out.

  10. Buy Pocket Pussy commented on Feb 16

    Buy Pocket Pussy

    […]Here are several of the web-sites we suggest for our visitors[…]

  11. Google commented on Feb 16

    Google

    The data talked about inside the article are a few of the most beneficial offered.

  12. sex toy reviews commented on Feb 16

    sex toy reviews

    […]we prefer to honor numerous other web web sites around the net, even though they aren’t linked to us, by linking to them. Under are some webpages worth checking out[…]

  13. download free games commented on Feb 16

    download free games

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

  14. inflatable doll commented on Feb 16

    inflatable doll

    […]please go to the web sites we comply with, like this one, as it represents our picks in the web[…]

  15. games for pc download commented on Feb 17

    games for pc download

    […]always a massive fan of linking to bloggers that I love but do not get a good deal of link like from[…]

HowIInvestMyMoney