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Looks like 2000 again for this tech index, says Joe Friday

By kimblechartingsolutions
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Courtesy of Chris Kimble.

joefridaylookslike2000nascompaug21

CLICK ON CHART TO ENLARGE

This chart looks at the Nasdaq Composite Index, dating back almost 25-years.

The strong rally in this tech index off the double bottom in 2009 has been very impressive, as tech has been stronger than the broad market.

The rally now has the index back at 2000 highs level at (1) above. The strong rally has pushed monthly momentum back to levels, last seen in 2000.

The rally over the past few years looks to have formed a rising wedge, which suggests lower prices two-thirds of the time if support is taken out.

Joe Friday just the facts…. A break of support off the 2009 lows (which has NOT happened on a weekly basis) would be a concerning development for this index, should it happen.

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