Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* In answer to this often-asked question, please be advised that I do not post articles from other writers on my site.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...please read my full Disclaimer at this link.
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Fri. May 7 @ 8:30 am ET ~ Employment Data
* Wed. May 12 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Fri. May 14 @ 8:30 am ET ~ Retail Sales Report & Core Retail Sales Report
* Wed. May 19 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Wed. June 2 @ 2:00 pm ET ~ Beige Book Report
* Wed. June 16 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
*** Click here for link to Economic Calendars for all upcoming events.
Thursday, December 26, 2019
Nasdaq 9000 Tagged...9100 By Year End?...10,000 In 2020?
The Nasdaq Composite Index (IXIC) hit and closed above 9000 today (December 26)...an all-time (round number) high, as shown on the following monthly chart.
The Balance of Power lies with buyers on this timeframe and has yet to equal previous highs, potentially signalling there is further upside.
The next major resistance level (potential target) sits at the 1.5% external Fibonacci Retracement at 9104.87...just over 80 points away.
Will we see 9100 hit by year end?
And, on a longer-term perspective, will it continue to rally to eventually hit its next milestone round number at 10,000 sometime in 2020? The 2.0% external Fibonacci Retracement level (potential target) lies at 10,076.43.
After all, it gained a total of 2,565.33 points, so far, this year...so 1,000 next year would not be out of the question.
Perhaps FNGU will offer some clues as to tech strength or weakness. I last wrote about it in my post of December 8.
The following weekly chart shows that it, subsequently, spiked sharply upward, blew through its 50% Fibonacci Retracement level and closed today at 62.75...just 0.01 point shy of its 60% Fib level.
The Balance of Power lies with buyers on this timeframe and has made an all-time new high.
If price can blow through and hold above 62.76, then its next major resistance (potential target) lies above at 73.74...the 78.6% Fib level.