Let’s face it, we are living in the tech age. And we are likely only in the early inning of it.
So it comes as no surprise that tech stocks have lead this decade long bull market higher.
Today we put “tech” front and center as we look at the stock market and the buzz of the day… Is a breakout and new bull “leg” higher coming?
The chart below is of the Nasdaq 100 ETF NASDAQ: QQQ and I think it provides a good glimpse of today’s market, the setup, and what might be. It highlights why tech stocks are knocking on heaven’s door.
Note that the following MarketSmith charts are built with Investors Business Daily’s product suite.
I am an Investors Business Daily (IBD) partner and promote the use of their products. The entire platform offers a good mix of technical and fundamental data and education.
$QQQ Nasdaq 100 ETF Chart
This chart makes things simple. It’s a “weekly” chart with a zoomed out, long-term view.
While the Nasdaq 100 ETF (QQQ) has been stair stepping higher, it has pulled back each time it has tested this resistance line. A weekly close over the Nasdaq’s rising trend resistance line would likely produce a huge breakout (call it 200). Pullback or breakout? Stay tuned!
Also see Nasdaq 100 Index (NDX) Chart INDEXNASDAQ: NDX
Twitter: @andrewnyquist
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
