It was an interesting day to say the least. The market popped after the ISM number hit at 10:00. For a good part of the morning we had the rarely seen occurrence of oil and the broader market rallying together. I think all eyes were on Nasdaq 2100 which has been an important level going all the way back to late 2001. But the Naz stopped 5 points short of 2100 and sold off pretty hard late in the day. It got a little bounce during the last 30 minutes of trading but it sure feels like we’ve made at least a short term top. Here are some views of the Nasdaq — first the intraday which shows the churn today:
Here’s the daily which masks all the ‘turbulence’ of today’s session:
And finally a monthly chart showing how tough 2100 has been:
Can we make the case from the monthly that we actually have made higher lows and higher highs…even if ever so slight…over the past 2+ years?