NASDAQ: attempting 4,800 again? by Mary McNamara

This NASDAQ article is an update to one that I wrote in November. I have been trading the NASDAQ and its stocks for some time now and wrote my first article on them back in September this year. The NASDAQ actually traded above 4,800 for part of the last trading day of November, I know because I watched it, but it couldn’t quite manage to print a monthly candle close above this key level. The index is back up in this region again now though and I know I won’t be the only trader watching to see if it can manage to close above 4,800 on December 31st!

NASDAQ monthly: any bullish breakout above 4,800 suggests, to me at least, of an eventual move up to 8,400 and this has been derived from triangle breakout theory:

NASDAQmonthly

NASDAQ weekly:

NASDAQweekly

NASDAQ daily:

NASDAQ

The S&P500 and DJIA have already made bullish triangle breakouts and so it wouldn’t be too surprising to see the NASDAQ follow suit:

S&P500 monthly:

S&Pmonthly

DJIA monthly:

INDUmonthly

A number of NASDAQ stocks are closing in on key S/R levels and this is generating great trading opportunities. Traders need to watch these stocks as they approach these potential breakout levels and to watch where the monthly December candles close:

QQQ: the NASDAQ ETF looks like it is headed towards 120. I am actually expecting this to peak at 120 before some possible consolidation:

QQQmonthly

MU: any hold above $35 would suggest continuation to at least $40:

MUmonthly

AMZN monthly: a Bull Flag looks to be in progress here. Watch $340 for any breakout:

AMZNweekly

AMZN daily: watch AMZN for the Flag break and, then, for any close above $340 to suggest continuation:

AMZN

EBAY: looks set to take on $60:

EBAYmonthly

INTC: the November close above $35 was bullish. I’m not sure Elliott Wave will get the suggested pull back here:

INTCmonthly

MSFT: the $37 break is long gone here now! I’d love the pull back that Elliott Wave suggests might evolve:

MSFTmonthly

AAPL: this is still on the way to $140, even after a bit of a pull back:

aaplweekly

AMAT: I wrote a separate article about AMAT yesterday that can be found through this link. Any monthly close above $24 would be bullish here too. Think to yourself…MSFT monthly chart!

AMATmonthly

CSCO: the trend line break has been bullish enough BUT any close and hold above $30 would add support and be a bullish signal:

CSCOmonthly

NTAP: watch for any triangle breakout:

NTAPmonthly

YHOO: $40 is long gone but the next key level looks to be $60 and I suspect this is headed there now:

YHOOmonthly

Declaration: I am LONG on many of these stocks with either shares, sold Put Options or some bought Calls.

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