Tuesday, 19 May 2015

Nasdaq almost there

The Nasdaq composite saw a net daily gain of 30pts @ 5078, a mere 54pts (1.1%) shy of the March' 2000 high of 5132. A monthly close in the 5200s (whether June, July, or August) would bode for further upside of another 300/500pts to the 5500/700s, before the next realistic chance of a sig' correction.


Nasdaq, monthly'2, 20yr



sp'monthly3c - bare bones



Summary

*I do like to use chart 3c from time to time, if only to highlight just how crazy powerful the current rally is.
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As for the tech', it does look like the Nasdaq comp' will break above 5132 in the near term.

Far more important though (at least to me).. a monthly close in the 5200s should clarify there will be NO correction in the broader market until the Nasdaq can build up at least 10% of buffer room.

It is HIGHLY arguable that 5K is now solidifying as a concrete floor.

The implications are huge...  but I won't go over that right now.. I've covered that issue many times in the past few months.
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Looking ahead

Tuesday will see housing starts data.
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Goodnight from London