The Nasdaq technology index has been leading the markets since March, and has been pushing higher and higher. However, of late, the push is weakening visibly, as seen in the chart, and also through the MACD technicals. More recently, a short rising wedge Is appearing and with such wedges, I would be looking for the breakdown of the wedge support (red line). But for now, it appears that the. Nasdaq is over stretched, perhaps falling over itself, and has a potential to be rolling over. This is just an observable early warning pattern, one that should be heeded with caution, not to go short - yet.
Keep an eye on this leading market (indicator)... it’s about time.
Keep an eye on this leading market (indicator)... it’s about time.
