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. sex problem commented on Apr 30

    sex problem

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

  2. How to Use Sex Toys commented on Apr 30

    How to Use Sex Toys

    […]very couple of websites that happen to become detailed beneath, from our point of view are undoubtedly nicely worth checking out[…]

  3. Bondage commented on May 01

    Bondage

    […]very handful of websites that transpire to be detailed beneath, from our point of view are undoubtedly effectively worth checking out[…]

  4. Buy Dildo commented on May 01

    Buy Dildo

    […]below you will find the link to some websites that we believe it is best to visit[…]

  5. punta cana sikh wedding commented on May 01

    punta cana sikh wedding

    […]please pay a visit to the web sites we adhere to, which includes this one particular, because it represents our picks through the web[…]

  6. 100% kona coffee posted on May 01

    100% kona coffee

    […]usually posts some incredibly intriguing stuff like this. If you are new to this site[…]

  7. pure kona posted on May 01

    pure kona

    […]Here are some of the web sites we advocate for our visitors[…]

  8. wedding invitations by dawn commented on May 02

    wedding invitations by dawn

    […]we prefer to honor quite a few other world-wide-web internet sites around the web, even if they aren’t linked to us, by linking to them. Under are some webpages really worth checking out[…]

  9. shasta lake fishing commented on May 02

    shasta lake fishing

    […]Here are a few of the web pages we recommend for our visitors[…]

  10. oral surgery daytona commented on May 02

    oral surgery daytona

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

  11. Strap On Dildo commented on May 02

    Strap On Dildo

    […]Here is a superb Blog You may Come across Intriguing that we Encourage You[…]

  12. a wedding dress shop commented on May 03

    a wedding dress shop

    […]Here is an excellent Blog You may Obtain Interesting that we Encourage You[…]

  13. Birthday quotes commented on May 03

    Birthday quotes

    […]Sites of interest we’ve a link to[…]

  14. happy birthday doc commented on May 03

    happy birthday doc

    […]below you’ll uncover the link to some sites that we believe you should visit[…]

  15. Sex Toys Online commented on May 04

    Sex Toys Online

    […]Here is an excellent Weblog You might Obtain Fascinating that we Encourage You[…]