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. play games on pc commented on Jun 05

    play games on pc

    […]very few internet sites that transpire to be detailed below, from our point of view are undoubtedly nicely worth checking out[…]

  2. گوشواره طلا commented on Jun 06

    خرید طلا

    beneath you will occur throughout the link to some internet-internet sites that we take into account it is greatest to go to

  3. how to use a spreader bar commented on Jun 06

    how to use a spreader bar

    […]The info talked about within the post are several of the ideal accessible […]

  4. app download for windows 10 commented on Jun 06

    app download for windows 10

    […]Here are some of the websites we recommend for our visitors[…]

  5. pc games free download full version for windows 7 commented on Jun 06

    pc games free download full version for windows 7

    […]Wonderful story, reckoned we could combine a few unrelated data, nonetheless actually worth taking a appear, whoa did one learn about Mid East has got extra problerms too […]

  6. satisfyer pro deluxe commented on Jun 06

    satisfyer pro deluxe

    […]here are some links to websites that we link to since we feel they’re worth visiting[…]

  7. holidays tomorrow commented on Jun 06

    holidays tomorrow

    […]Every the moment inside a while we decide on blogs that we read. Listed below are the most current web pages that we pick out […]

  8. bullet blaster sex toy commented on Jun 07

    bullet blaster sex toy

    […]check below, are some completely unrelated websites to ours, however, they’re most trustworthy sources that we use[…]

  9. pc software full download commented on Jun 07

    pc software full download

    […]although websites we backlink to below are considerably not connected to ours, we feel they’re basically worth a go through, so possess a look[…]

  10. free download for laptop pc commented on Jun 08

    free download for laptop pc

    […]Here is a good Weblog You may Come across Exciting that we Encourage You[…]

  11. naturist masseur paris commented on Jun 08

    naturist masseur paris

    […]the time to read or take a look at the content material or web-sites we’ve linked to beneath the[…]

  12. massage body body paris commented on Jun 08

    massage body body paris

    […]Here is a good Weblog You might Discover Interesting that we Encourage You[…]

  13. new free games commented on Jun 09

    new free games

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

  14. سئو وب سایت commented on Jun 10

    سئو وب سایت

    […]just beneath, are several absolutely not connected web-sites to ours, on the other hand, they are surely really worth going over[…]

  15. Used cellphone commented on Jun 10

    Used cellphone

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

HowIInvestMyMoney