Chart of the Week: Nasdaq Breaks its Downtrends

From when the Composite peaked on January 26, to the May 17 lows, the Nasdaq has been trying to fight through a stubborn downtrend line. It finally managed to break through last week.

Nasdaq Breaks its Downtrends

Source: StockCharts

With the down trend cleanly broken, the path of least resistance remains northwards. The next two resistance levels are 2055, and 2080 respectively.

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Quote of the Day:
“Setting a goal is not the main thing. It is deciding how you will go about achieving it and staying with that plan.”
Tom Landry (Head Coach, Dallas Cowboys 1960-1988)

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