Courtesy of Chris Kimble.
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The Nasdaq 100 index has remained inside of this rising channel for the past 5-years. The herd continues to buy the dip along support of this rising channel.
Last week the NDX 100 close a couple of percent lower on the week and it closed very near rising support.
A break of this rising support line would be a negative for the tech sector.
The herd has piled into this index over the past few years and made good decisions in doing so!
If support breaks (which hasn’t happened in the past 5-years) I wouldn’t be too surprised to see the herd step forward and selling pressure pick up speed.
Support is support until broken and support is in play right now!
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