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Tech bulls biting nails at this price point, says Joe Friday

Courtesy of ZeroHedge. View original post here.

First Fact….The Nasdaq tech train trend is up and has NOT derailed at this time, nor has it slowed down!

Below looks at the Nasdaq Composite index over the past 20-years-

CLICK ON CHART TO ENLARGE

As mentioned above, the trend in the Tech remains higher and it remains above long-term moving averages.

This chart highlights a test of a 20-year rising channel. The Power of the Pattern took the lows in 1995, 2002 and 2009, which created support line (1). This support line was laid on top of the tech bubble highs in 2000, creating the top of the channel at (1).

Joe Friday Just The Facts– Tech bulls would get concerning short-term news if selling starts taking place, at the top of this rising channel.

Why you see chart pattern analysis with brief commentary:   

There is a ton of news and opinions about markets and stocks that make the decision-making process more difficult than it needs to be.    

I believe the Power of the chart Pattern provides all you need to see what is taking place in an asset and determine the action to take.  

This approach has worked well for me and our clients and I encourage you to test it for yourself. 

Send an email if you would like to see sample research and take me up on a trial of our Premium or Weekly Research where I provide actionable alerts on breakouts and reversals in broad market indices, sectors, commodities, the miners and select individual stocks 

 

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