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12-Year Tech-Bull Market Over? Joe Friday Says: “Watch This Shooting Star Pattern!”

Courtesy of Chris Kimble

The trend for tech stocks remains strongly bullish. Did the Nasdaq Composite create a pattern last month that is worth keeping an eye on? Yes!

The Nasdaq composite remains inside of this 12-year rising channel, as it has created higher lows and higher highs, that started in 2009.

Last month, the index looks to have created a sizeable “shooting star” pattern, at the top of the rising channel at (1).

Does a one-month bearish-reversal pattern suggest that the tech bull market is over? No

Joe Friday Just The Facts Ma’am; If weakness would continue following the bearish shooting star pattern at the top of the long-term bull trend, it would send a caution message to the tech sector.

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