Chart of the Week: 3 Year Nasdaq Weekly Chart

The trend remains up, as dips continue to be bought; Support has held (see black arrows).

3 Year Nasdaq Weekly Chart
Nasdaq Comp weekly.gif
Source: RedTech Research

RedTech Research observes that “Internals are not as stellar as they once were but we have sighted that divergences in internals (slower moving data series) and price can continue for sometime.” That suggests the “easy money has been made off the lows” and more selectivity will soon creep in – so long as there are no drastic changes in the Technicals.

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