The chart says it all. There is no stopping tech until it reaches the top of that channel some where in mid-January (Jan 19 on current slope). We all know this market is built on fairy tails and unicorn poop. Will the markets stay irrational and take us even higher? Will we finally see the return of common sense and fundamentals? I have been saying this market is a bubble for months and it still went up, so why stop now. I would expect a serious pullback at that trend line either way! If the markets wants to go above it is going to have to make it more attractive, which it will do with a nice correction and consolidation.
RSI on the 1M
Support trend line to the top
Several key trend lines
RSI on the 1M
Support trend line to the top
Several key trend lines
ノート
Back again and just as I predicted the NASDAQ made a good drop this week to build support to touch/break the channel. Will this be the top and this monster pop, or will the insanity go into to full ludicrous mode (maybe plaid)?Sitting right on the line!
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