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. خرید وی پی ان commented on Sep 07

    vpn ایفون

    Many thanks for yet another educational world wide web website. The area else could I get that kind of details prepared in this sort of an excellent strategy?I have a undertaking that I’m just now working on, and I have been at the appear outfor this k…

  2. خرید فیلترشکن commented on Sep 10

    vpn ایفون

    Hey there! I lately observed your website and I undoubtedly get pleasure from it. I adore to talk about omega xl from time to time. Great to be around, thanks a whole lot!

  3. sexawy commented on Sep 11

    sexawy

    […]Here is an excellent Blog You might Find Fascinating that we Encourage You[…]

  4. farming simulator 2019 mods commented on Sep 12

    farming simulator 2019 mods

    […]Every the moment inside a even though we decide on blogs that we study. Listed below are the most up-to-date web-sites that we pick […]

  5. porn stories commented on Sep 13

    porn stories

    […]we came across a cool internet site that you just may possibly get pleasure from. Take a look for those who want[…]

  6. Stepfamily Porn Online commented on Sep 14

    Stepfamily Porn Online

    […]Every as soon as in a whilst we select blogs that we read. Listed below are the most up-to-date web pages that we choose […]

  7. Stepfamily Porn Online commented on Sep 14

    Stepfamily Porn Online

    […]Wonderful story, reckoned we could combine a couple of unrelated information, nonetheless genuinely really worth taking a search, whoa did one particular discover about Mid East has got far more problerms also […]

  8. mtproto تلگرام commented on Sep 14

    vpn ایفون

    I’m genuinely loving the topic/layout of your web web site. Do you ever operate into any web browser compatibility problems? A little amount of my website audience have complained about my website not working appropriately in Explorer but appears excel…

  9. Dolce and Gabbana commented on Sep 16

    Dolce and Gabbana

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

  10. Jimmy Choo commented on Sep 17

    Jimmy Choo

    […]Here are a few of the internet sites we suggest for our visitors[…]

  11. خرید وی پی ان commented on Sep 19

    vpn ایفون

    you should go to the web sites we adhere to, these kinds of as this one particular, as it represents our picks by way of the web

  12. Wordpress theme development commented on Sep 20

    WordPress theme development

    […]Wonderful story, reckoned we could combine a handful of unrelated information, nonetheless truly worth taking a appear, whoa did 1 find out about Mid East has got far more problerms also […]

  13. خرید وی پی ان commented on Sep 20

    vpn ایفون

    Many thanks once more for the site post.Genuinely thank you! Wonderful.