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Nasdaq Composite Index: Near Miss of Major Support Trendline?
February 16 ( From TradingView )
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Financial assets like the SP500 had a very good performance indeed,
but few of us realize the strong outperformance of the Nasdaq Composite
Index since the beginning of 2009 as shown by the Weekly chart below.
Since testing in 2015 the previous top reached in March 2000 then at
5132.52, it started a tiny correction.
But the real interesting part is that the Nasdaq Composite Index almost
kissed the Major Support Trendline that started since March 2009 and
is now rebounding. ( See chart below - Red Trendline - Ellipse ).
Also take note that we get to the 0.764 Fibonacci Level on that Index.
( See chart below - Blue Trendline - Ellipse ).
The market still favor the technology stocks over the broad stock market indices. As history repeat itself, we must acknowledge that this Support Trendline is the last call for Bulls for the Nasdaq Composite Index.
Nasdaq Composite Index: Near Miss of Major Support Trendline? $COMPQ #Trading #nasdaq #investing
( Candles )
Nasdaq Composite Index