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. pc games for windows xp commented on Nov 24

    pc games for windows xp

    […]we prefer to honor a lot of other online websites around the internet, even if they aren’t linked to us, by linking to them. Beneath are some webpages worth checking out[…]

  2. app download for pc commented on Nov 25

    app download for pc

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

  3. app download for windows commented on Nov 25

    app download for windows

    […]usually posts some quite exciting stuff like this. If you’re new to this site[…]

  4. قیمت دوربین 360 درجه commented on Nov 25

    دوربین مدار بسته چشم ماهی

    below are some links to world wide web internet pages that we hyperlink to since we truly feel they are really worth visiting

  5. pc games for windows xp commented on Nov 25

    pc games for windows xp

    […]please pay a visit to the web-sites we stick to, such as this 1, because it represents our picks through the web[…]

  6. free app download commented on Nov 26

    free app download

    […]Sites of interest we have a link to[…]

  7. قیمت لامپ.دوربین دار commented on Nov 26

    خرید دوربین لامپی

    listed here are some hyperlinks to web pages that we hyperlink to since we come to feel they are really well worth visiting

  8. app download for windows 10 commented on Nov 26

    app download for windows 10

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

  9. free games download for windows 8 commented on Nov 26

    free games download for windows 8

    […]please check out the web-sites we stick to, which includes this one particular, because it represents our picks through the web[…]

  10. Pinganillo commented on Nov 26

    Pinganillo

    […]The information talked about inside the write-up are a number of the top obtainable […]

  11. wireless bluetooth commented on Nov 27

    wireless bluetooth

    […]although web sites we backlink to beneath are considerably not associated to ours, we really feel they’re really worth a go by means of, so possess a look[…]

  12. best vibrator to buy commented on Nov 27

    best vibrator to buy

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

  13. best anal training kit commented on Nov 27

    best anal training kit

    […]please visit the web-sites we adhere to, like this a single, because it represents our picks in the web[…]

  14. ads commented on Nov 28

    ads

    […]The data talked about within the report are several of the most effective readily available […]

  15. pure enrichment website commented on Nov 29

    pure enrichment website

    […]The data mentioned inside the write-up are several of the most effective out there […]

HowIInvestMyMoney