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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.