Just kidding. I was joking with Duru yesterday about where the Nasdaq heads next and said I’d make a grand proclamation about 2,500. Since it’s now testing the intraday high from the first day of January a breakout above that high isn’t out of the question by any means. Based on the 300 points it went down this year it could go up another 300 points and hit 2500. But who knows if it will? Not I said me…
I’m still keeping my eye on those overbought indicators like T2108. Here’s a chart of the Nasdaq Percentage of Stocks Above Their 50 DMAs:
You can see how close it is to resistance. So don’t be surprised if we get consolidation in the near future.
