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
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)