Slope of Hope Blog Posts
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I confess these days I don't have as much to say about the market as I normally do, largely because there is so much uncertainty as to what's next. On a stock-by-stock basis, I'm able to find all kinds of interesting longs and shorts (which I share during trading days), but the big picture for me is murkier than ever.
The NASDAQ 100 has surged about 25% in just the past few months. Looking at the chart below, you can see where are within a scant 1% of breaking to a new recovery high – – which would put us at the highest nominal level in about ten years!
I'm sure others would suggest that the pattern is an inverted head & shoulders as well, indicating that the NASDAQ's rise is only just getting started.
Before you embrace that idea, at least take caution that we've had a similar instance in the past when a large basing pattern was formed, approaching new recovery highs, and it simply fizzled out (compare the prior green tinted area with the present yellow one).
That's really all I've got to share today. Enjoy your Saturday!