Updating this post from last month, the Nasdaq Composite pushed up through 3,500 before finding supply last week. This 3,400-3,500 area represent likely overhead supply in a major way, dating back to the dot-com bubble and crash (see that post for full analysis).
The most likely scenario is that we put it some time at this area or slightly below until the next sustained move occurs. Violent and immediate rejection away would obviously aid the bear case immensely, however.
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