Trend following The Nasdaq 100 Index this week, looking at the weeklies (lookback), it is breaking below the weekly Upward breakout (gap up) from back in March.
stock chart of the Nasdaq 100 Index
Trend following today, The Nasdaq 100 Index (NDX) closed at a new all time high at $7,713.50. The previous closing high was last October at $7,701. Last week it went to the High but failed to close. So, we’ll see if it can hold this High on the close of the week.
The Dow Industrials Index (DJI), or also known as “The Dow 30”, and The S&P 500 Index (SPX) have not yet hit the Highs. And the various other Total Market Indexes, such as the Wilshire 5000 (W5000), The Russell 3000 (RUA) etc. etc. have not yet hit the Highs.
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Making a nice little break to the Upward side. S/R at $7,169, trading at the moment at $7,211. This one doesn’t yet meet our ‘ long term’ criteria. But it’s making progress.
Looking at the Daily, a Bullish S/R (Support and Resistance Price Level) is found just overhead at $7,161. A close above this week will give us a clue as to the direction the market wants to go.
A Daily S/R Level in the Bearish side is found at $7,085. We’re looking for direction. The market will tell us if we let it.
Pure Trend following. No news, no White House Tweets, no forecasts or predictions.