I am so impressed that the Nasdaq-100 is up over 30% heading into the holiday months. Also, there are so many headwinds blowing at it. I don't anyone saw this happening! Most people I know are bearish.
A very smart investor I know says "Pessimists sound smart, but optimists make money."
Whether it's rising rates or volatile tweets, it appears to be a challenging year, and yet, the Nasdaq-100 has defied the odds. It's surprised many.
Can it continue?
I've added a simple trend line that I'm watching in tech, a chart of
QQQ
, and some arrows to showcase the validity of this trend line.
Rejection after rejection.
Lower high after lower high.
There seems to be supply above.
Thus, I have to ask: Will something give? Or will it breakout again? I'll use this trend line as my guide going forward.
I currently am long some tech, but also being a bit cautious with the headwinds our there. Let's see what happens next.
A very smart investor I know says "Pessimists sound smart, but optimists make money."
Whether it's rising rates or volatile tweets, it appears to be a challenging year, and yet, the Nasdaq-100 has defied the odds. It's surprised many.
Can it continue?
I've added a simple trend line that I'm watching in tech, a chart of
QQQ
, and some arrows to showcase the validity of this trend line. Rejection after rejection.
Lower high after lower high.
There seems to be supply above.
Thus, I have to ask: Will something give? Or will it breakout again? I'll use this trend line as my guide going forward.
I currently am long some tech, but also being a bit cautious with the headwinds our there. Let's see what happens next.
I work at TradingView helping to build charts, tools, and software for everyone interested in financial markets.
Twitter: twitter.com/scheplick
Blog: scheplick.com/
Twitter: twitter.com/scheplick
Blog: scheplick.com/