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. hireahacker.net reviews commented on Jun 01

    hireahacker.net reviews

    […]we like to honor many other world-wide-web web pages on the internet, even if they aren’t linked to us, by linking to them. Beneath are some webpages really worth checking out[…]

  2. full apps download commented on Jun 02

    full apps download

    […]that is the finish of this article. Here you’ll obtain some sites that we consider you’ll value, just click the links over[…]

  3. apps download for pc commented on Jun 02

    apps download for pc

    […]always a significant fan of linking to bloggers that I appreciate but do not get a whole lot of link adore from[…]

  4. free download for pc windows commented on Jun 02

    free download for pc windows

    […]Here is a great Weblog You might Uncover Intriguing that we Encourage You[…]

  5. free download for windows 7 commented on Jun 03

    free download for windows 7

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

  6. best blowjob commented on Jun 03

    best blowjob

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

  7. dual action vibrator commented on Jun 03

    dual action vibrator

    […]we came across a cool internet site which you may possibly take pleasure in. Take a search should you want[…]

  8. pc games for windows 8 commented on Jun 03

    pc games for windows 8

    […]Here is a good Weblog You might Find Exciting that we Encourage You[…]

  9. free app for laptop commented on Jun 03

    free app for laptop

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

  10. pc games for windows xp commented on Jun 04

    pc games for windows xp

    […]we prefer to honor quite a few other world wide web websites around the web, even though they aren’t linked to us, by linking to them. Underneath are some webpages worth checking out[…]

  11. مه پاش commented on Jun 05

    مه پاش

    Right now it seems like Movable Sort is the prime running a blog platform out there correct now. (from what I’ve read) Is that what you are employing on your weblog?

  12. software download for windows 10 commented on Jun 05

    software download for windows 10

    […]please take a look at the sites we stick to, which includes this one particular, as it represents our picks from the web[…]

  13. apps for pc free download commented on Jun 05

    apps for pc free download

    […]that will be the end of this post. Right here you’ll locate some websites that we assume you will appreciate, just click the links over[…]

  14. مه پاش گلخانه commented on Jun 05

    مه پاش

    Hey! I know this is somewhat off topic but I was questioning which blog platform are you utilizing for this website? I’m acquiring sick and tired of WordPress since I have had problems with hackers and I’m searching at alternatives for another system.…

  15. pc games for windows 10 commented on Jun 05

    pc games for windows 10

    […]we came across a cool web-site that you simply may possibly get pleasure from. Take a appear in case you want[…]