I did not get a chance to cover the weekly charts on my Saturday video. However, as you can see on the Nasdaq weekly below, we are pressed up against a huge level dating back to last year. Price has memory, and the weekly bear flag potential is another reason to not get too cocky on the long side as well, just yet. I know sentiment has improved, as well as the action in many individual daily charts.
Despite that, the longer-term view still says to tread lighter than usual until the Nazzy can recapture 2,900. By the way, that 2,900 level was not just the high of 2011, but is also a huge level dating back to 2007 (major cyclical bull market top) and even 2001.
One Response to Step Back for a Better View
The week is young. We’ll see.