The NASDAQ index and some of its stocks are worth monitoring as the index trades back up to the region of its all time high. Any bullish breakout and continuation on the index would suggest a similar tangent for its stocks. Some NASDAQ stocks on my watch list are setting up with potentially bullish patterns and appear to be worth monitoring.
NASDAQ monthly: This index has yet to break above previous high values recorded back in 2000 but is edging back up towards this region again:
The NASDAQ index has lagged behind the S&P500 and DJIA as both of these indices have passed their previous 2000 and 2007 highs. It would not be surprising to see this tech index make a bullish breakout from its ascending triangle in much the same way that the S&P500 and DJIA already have:
The 4,800 level seems to be the key level to break on the monthly NASDAQ chart. I’ll be watching for any bullish breakout here and, then, for any bullish continuation moves on some of the NASDAQ stocks. Those stocks that have my attention include:
INTC: watching for any break and hold above $35:
CSCO: watching for any break and hold above $30:
AAPL: the bullish Cup ‘n’ Handle pattern continues:
YHOO: the recent break of $40 suggests a new trading range for this stock:
WFM: I have been posting about this stock and suggested watching for a break of the $40. This has now evolved:
MU: this stock has plenty of scope to move higher and I’m watching a new Bull Flag and the $35 level on the daily chart:
EBAY: it would seem that this is destined to test $60.
NTAP: this looks to be consolidating under $60: