The NASDAQ has printed a daily close above the key 4,800 level. The monthly candle close is some way off yet but a monthly close above this level would be a very bullish signal and these practice efforts are worth keeping note of!
I have been stalking this NASDAQ index for months now and you will find many blog posts on this topic under the Stocks/Options tab on the menu bar of my blog site. I am patiently waiting for any new monthly close above 4,800 to help support a number of trading opportunities on NASDAQ stocks.
CNBC screen shot: the market rallied into the close but only the NASDAQ closed higher for the day. Note the NASDAQ close above 4,800:
NASDAQ monthly: the index has been trading under 4,800 resistance for some time. This level forms the top of a bullish ascending triangle. Any new monthly candle close above 4,800 would be a very bullish signal and suggest continuation.
S&P500 monthly: This index has already made a bullish ascending triangle breakout. Many traders are noting the recent choppy and churning S&P500 action as the symptom of a possible market top. I have an alternative suggestion to throw into the mix here though. This churning activity might just be the S&P500 and DJIA waiting for the NASDAQ to catch up and make its bullish breakout!
DJIA monthly: as with the S&P500, this index has already made a bullish ascending triangle breakout:
Summary: watch for any new monthly NASDAQ candle close above the 4,800 to suggest the start of a bullish ascending triangle breakout. This would bring the NASDAQ in line with the S&P500 and DJIA indices.
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