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. learning curve commented on May 11

    learning curve

    […]Every after in a although we choose blogs that we study. Listed beneath are the most up-to-date web sites that we choose […]

  2. every day deals commented on May 11

    every day deals

    […]Here is an excellent Blog You might Come across Interesting that we Encourage You[…]

  3. double penetration commented on May 11

    double penetration

    […]Every once in a while we pick out blogs that we study. Listed below would be the most current internet sites that we decide on […]

  4. Two Headed Dildo commented on May 12

    Two Headed Dildo

    […]that could be the end of this write-up. Right here you’ll locate some web sites that we feel you will value, just click the links over[…]

  5. work from home and make money commented on May 12

    work from home and make money

    […]Here is a great Blog You may Discover Fascinating that we Encourage You[…]

  6. tratamento de drogas commented on May 13

    tratamento de drogas

    […]one of our guests not long ago recommended the following website[…]

  7. Kia commented on May 17

    Kia

    […]below you’ll find the link to some web sites that we consider you should visit[…]

  8. h-3 special education commented on May 19

    h-3 special education

    […]please take a look at the internet sites we follow, which includes this a single, as it represents our picks from the web[…]

  9. computer education lucknow uttar pradesh commented on May 19

    computer education lucknow uttar pradesh

    […]Wonderful story, reckoned we could combine a couple of unrelated data, nonetheless genuinely really worth taking a look, whoa did a single discover about Mid East has got much more problerms as well […]

  10. online education for high school students commented on May 20

    online education for high school students

    […]please visit the sites we stick to, like this one particular, because it represents our picks in the web[…]

  11. online degree ucla commented on May 20

    online degree ucla

    […]here are some hyperlinks to web pages that we link to mainly because we believe they are really worth visiting[…]

  12. barcode kaufen commented on May 20

    barcode kaufen

    […]below you’ll come across the link to some web-sites that we believe you’ll want to visit[…]

  13. email id list commented on May 20

    email id list

    […]please go to the sites we follow, such as this one, as it represents our picks in the web[…]

  14. home page commented on May 21

    home page

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

  15. Make Money Online commented on May 21

    Make Money Online

    […]The information talked about in the article are a number of the very best out there […]

HowIInvestMyMoney