Nasdaq Attemping to Clear Key 12 Year Technical Milestone
Last week, as the chart below indicates, the Nasdaq Composite index appears to have finally cleared its 50% Fib retracement level formed between its highs in 2000 and lows in 2002.
This is a big deal in our opinion – it’s taken the Nasdaq nearly 12 full trading years to reach this level at ~3,135!
This technical break-out potentially opens the door for more upside, with the 61.8% retracement level at ~3,560, or ~14% higher, the next logical price target for the index.
It could also be broadly bullish for risk assets in general.
If any rally continues, expect big cap tech names with interesting stories like AAPL, AMZN and GOOG to out-perform on the way up.