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

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. Valentino Garavani commented on Aug 06

    Valentino Garavani

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

  2. YSL commented on Aug 06

    YSL

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

  3. انگشتر عقیق زنانه commented on Aug 07

    خرید طلا

    Does your site have a contact page? I’m possessing a difficult time locating it but, I’d like to shoot you an e-mail. I’ve got some innovative concepts for your weblog you may possibly be intrigued in listening to. Either way, excellent site and I seem…

  4. free porn commented on Aug 07

    free porn

    […]that could be the finish of this article. Right here you will obtain some websites that we believe you’ll enjoy, just click the links over[…]

  5. sexo commented on Aug 07

    sexo

    […]just beneath, are quite a few completely not connected internet sites to ours, on the other hand, they are certainly worth going over[…]

  6. full version pc games download commented on Aug 08

    full version pc games download

    […]one of our visitors just lately advised the following website[…]

  7. گردنبند خورشید commented on Aug 12

    خرید طلا

    Howdy there! This is variety of off subject matter but I need to have some advice from an recognized site. Is it quite difficult to established up your possess blog? I’m not quite techincal but I can figure factors out fairly rapid. I’m contemplating a…

  8. مهپاش سالن قارچ commented on Aug 12

    مه پاش

    The knowledge described inside of the report are some of the most effective available.

  9. دوربین مدار بسته commented on Aug 13

    دوربین

    I do not know if it’s just me or if maybe absolutely everyone else encountering issues with your website. It appears as if some of the prepared textual content in your posts are working off the display screen. Can any individual else you should remark…

  10. گوشواره دایره commented on Aug 13

    خرید طلا

    I’m really loving the theme/style of your internet web site. Do you at any time operate into any world wide web browser compatibility issues? A tiny number of my blog audience have complained about my weblog not operating accurately in Explorer but see…

  11. هپاش commented on Aug 13

    مه پاش

    Appreciating the time and work you put into your website and detailed details you offer. It is excellent to occur throughout a site each and every when in a even though that is not the exact same undesired rehashed information. Superb study! I have sav…

  12. Interracial Porn commented on Aug 13

    Interracial Porn

    […]here are some hyperlinks to web pages that we link to due to the fact we feel they may be worth visiting[…]

  13. ixxxporn commented on Aug 13

    ixxxporn

    […]check beneath, are some totally unrelated internet sites to ours, even so, they’re most trustworthy sources that we use[…]