Ticker Of The Week: Nasdaq 100 (^NDX)
by Jim Stanton, Technical & Quantitative Analyst and Editor of The 1-2-3 Trader
It was a bad week for the bears.
Not only did we see a bearish “Head and Shoulders” pattern fail to materialize on the Dow and S&P 500, the Nasdaq 100 and Nasdaq Composite rallied sharply and made new recovery highs.
This action puts the bulls back in control and the indexes should move higher over the short to intermediate-term. Below is a daily chart of the Nasdaq 100.
Where’s The Resistance?
Nasdaq 100: By making new highs, the Nasdaq 100 should reach my minimum target in the 1,556 area – and possibly higher.
Nasdaq Composite: The next upside resistance level comes in around 1,938.
S&P 500 & Dow Industrials: By making new highs, the S&P 500 and Dow will probably follow suit, especially if the Nasdaq’s upside targets are reached.
If the Dow and S&P 500 make new, valid recovery highs, not just due to “gap” higher openings, the next upside resistance levels for those indexes would be around 989 for the S&P 500 and around 9,180 for the Dow Industrials.
Jim Stanton
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