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Here is the updated chart of the NASDAQ 100 cash index There are three noteworthy aspects to this: (1) over the past few weeks, the upward momentum of the chart stalled, and it wheezed its way to the supporting trendline (2) during the past week, it broken this trendline, that is to say, the lower boundary of the channel, for the first time (3) on Thursday and Friday, in spite of a lot of volatility, the price never recaptured that channel.
This is just a nice pattern example for your reference: a bullish inverted head & shoulders pattern with GE. Once it crossed above its neckline at about $72, it was off the races. It has already achieved its measured move target.
Just a couple of charts worth noting. First is Tesla, which has been the weakest (literally 500th place) of the S&P 500. This won’t help: it is sinking toward multi-year lows, bound as it is by powerful Fibonaccis which I’ve been pointing out since JFK was shot.
When I was a kid, April Fools’ Day was kind of fun, but as an adult, seriously, it’s really annoying to read every given news item and wonder if it’s a joke or not. Given the state of the world today, it’s harder than ever to tell.
Mercifully, April Fools’ Day (which follows the vastly more consequential Transgender Visibility Day, which I trust you all celebrated with verve) is just about over. Let’s look at a few index charts to catch up.
First is the S&P 500, which hasn’t violated its ascending wedge over the past half year, but goodness gracious me, it sure is getting close. One even slightly bad day which crack this sucker.
