Each passing day, it looks more and more like a bullish move is setting up in the Nasdaq 100.
Recently, I discussed a bullish head and shoulder continuation pattern forming in the Nasdaq, and hence the Invesco QQQ Trust Series 1 (Nasdaq: QQQ) ETF that tracks it.
Wednesday, the last day of both the month and quarter, was another bullish day for the market, with the Nasdaq closing up 1.54%. Trading volume was a little lighter than what I generally like to see, but that’s OK. The other side here is the 50-day moving average…
It’s the next important line the index needs to cross to show the bullish move in the Nasdaq is indeed on. Right now, it’s still trading just below the 50-day MA (the blue line in the chart below).
Since the QQQ’s Feb. 16 high, growth stocks have been in a difficult environment. But if it’s able to break back above the 50-day MA, and then back above the $324.20 level, that will take out the previous mid-levels of resistance and confirm a bullish move is setting up for the Nasdaq.
In fact, even with all of the selling we saw in big names like Tesla Inc. (Nasdaq: TSLA) and Apple Inc. (Nasdaq: AAPL), among others, we’re only 5% off February’s high, which also is the 52-week high.
So if we get just one more big or two decent up days, the Nasdaq could take off to new record highs. While the corrections have been bad, you have to remember that not all corrections turn into full-fledged bear markets.
In fact, most corrections are healthy!
Check out my short video and let’s discuss the bullish move setting up for the Nasdaq, break down the recent corrections for comparison and whether or not this correction is officially over.
And as always, please like and subscribe to our YouTube channel and podcast, “Smart Money Circle,” where I interview some of the most brilliant minds in the business. You can also follow me on Twitter, and read more of my thoughts on the market at WealthPress and on Forbes, where I’m also a contributor.
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