Round Number Roadblock?
Long time readers of mine are familiar with my affinity with the round number theory. On a very visible scale Bitcoin reversed awhile back at the 20000 number, or a TLRY had a sensational move and precisely was swatted back at the 300 figure in late 2018. Of course the S&P 500 visited the 3000 figure recently breaking above it on 5/27, and then proceeded to retest it just 2 sessions later for validity, as has not looked back. Below is the chart of the Nasdaq and will it be able to jump above the very round 10000 number in the near term? Tuesday intraday it traded less than 3 handles above the figure before backing off slightly. The next week or so will be very telling as the bulls and bears fight it out at that level. My gut feeling is that we go higher from here, as many still question this rally, and there is still a ton of cash on the sidelines. Plus with mega cap plays like AAPL AMZN and MSFT each hitting all time highs Tuesday, the odds are in favor of the bulls as trends are more likely to persist than they are to reverse.