The NASDAQ index seems to be hosting its own Olympics-style event this August as it carves out new weekly-chart all-time Highs and looks to try for a new monthly-chart all-time High. This index has lagged behind the older S&P500 and DJIA stock indices but may be about to catch up!
The NASDAQ has, for the second week now, made a ‘highest-ever’ weekly close and continues to hold above the key 5,200 S/R level. Any new monthly close above this level would support a longer-term bullish ascending triangle breakout following in the wake of those already in play on the S&P500 and DJIA. The S&P500 and DJIA are much older indices than the NASDAQ; the S&P500 dates back to 1923, the DJIA to 1896 whereas the NASDAQ only dates back to 1971 and so this lag behind the more established indices may not be out of order. I have been waiting for a bullish breakout on the NASDAQ for some time now and will be keen to see if, or when, this might evolve. I’ll continue to watch the NASDAQ over the coming weeks/months to see if any bullish monthly breakout evolves.
NASDAQ monthly: any new monthly close above 5,200 would support a bullish ascending triangle breakout move and the target for such a breakout move is up near 9,200. The S&P500 and DJIA have already made similar bullish ascending triangle breakout moves and so the NASDAQ is in a bit of catch up mode.
NASDAQ weekly: this still has a Bull Flag look to it BUT any failure to hold above 5,200 would bring thoughts of a bearish potential ‘Double Top’ into focus:
NASDAQ weekly Cloud: this chart reflects a bullish bias as it trades above the weekly Ichimoku Cloud:
NASDAQ daily: there is bullish daily-chart momentum to go with the trend line break:
NASDAQ daily Cloud: Price action is holding above the daily Cloud too but I’d prefer to see increased Volume underpin these moves:
NASDAQ Yearly: this yearly chart is quite a picture!
S&P500 and DJIA monthly: these two stock indices made ascending triangle breakouts back in 2013! The recent pause in price action on both of these may have been due to a wait for the NASDAQ to catch up!
S&P500 monthly: note the ascending triangle breakout from the 1,600 level:
DJIA monthly: note the ascending triangle breakout from the 14,000 level:
S&P500 multi-year: the multi-year chart of the S&P500 index is very interesting as well. History may not necessarily repeat itself here but the pattern displayed on this chart would suggest to some technical analysts that another multi-year rally could be on the way. The top of the range on the most recent blue box channel corresponds to the 1,600 level on the S&P500 monthly chart. I had been expecting this 1,600 level might be tested again before any potential bullish continuation, as there was with the previous 15 year channel, but this has not evolved as yet:
Some NASDAQ stocks to keep in focus IF the NASDAQ makes any bullish breakout:
INTC monthly: keep an eye on the $35 level. I am LONG INTC:
AMAT monthly: keep an eye on the $25 level. I am LONG AMAT:
CSCO monthly: keep an eye on the $30 level. I am LONG CSCO:
AAPL monthly: keep an eye out for any monthly-chart triangle breakout:
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