Let’s take a look at some important indexes during this quiet weekend.
First up is the NASDAQ Composite, which remains bullishly-positioned. The breakout from the base was clean, and until/unless that green horizontal is violated, the bullish uptrend is firmly intact, irrespective of the laughable valuations of every tech stock in the universe.
Miners continue to do as I predicted, which is ever-so-slowly break down from their right triangle pattern. I suspect it’ll just keep grinding down.
The Dow 30 is fascinating, because it is clinging to its very long-term trendline like mad. Look at the green trendline and notice how, day after day, it simply bonks its head on the underside of that trendline. It is powerful resistance.
Although it could be argued that the NDX is still in good shape (simply by dragging that blue horizontal lower), my view is that we’ve actually got a failed bullish breakout on our hands here. If it zips above that blue line again, I’ll consider dragging it to a lower anchor point, but as it stands now, this is my interpretation.
The S&P 100 is still in good shape. It’s all up to that green support line at this point.
Lastly, the Major Market Index is being held back by both the red horizontal as well as, very importantly, the long-term (a dozen years!) trendline shown in green.