Time to get back to earth. The Nasdaq100 index is now up 15.5% since x-mas (see daily chart below). This means the index has retraced back 50% of the 60 tradingdays downturn from October 1st at 7.700 peak to the December 26th low, in just 16 tradingdays.
The last 4 weeks shows higher weekly lows, and higher weekly highs. A healthy sign of real strength. Tomorrow is Friday, the last tradingday of this week. Friday is traditionally a weaker tradingday for this index. Any pullback below todays low @ 6.614 is the first signal lower prices potetially to come. Only time will show further direction. Remember to always keep a preferred stop loss in place to limit your downside.
2019-01-17 22:45 | Nasdaq100