Reluctant Nasdaq?
They saying goes it is not where you start but where you finish. Regarding markets that quote rings true, and Friday began relatively firm, and CLOSED limp, about 150 handles from intraday highs. For the week the Nasdaq rose .8%, not a bad showing given the prior week jumped nearly 5%. On the WEEKLY chart it can be interpreted as a double top right at the very round 12000 figure, with this weeks highs testing the top on the intraweek high the week ending 9/4. An even more bearish was the fact that that very week had a very wide range of 1200 handles, or 10%. That type of expanded range has been known to mark tops. However on the DAILY chart below, it sports a classic cup with handle pattern, and has shaped just like bulls would want it too. Trade has been somewhat taut, and the handle formed in the upper half of the cup base. Bulls also have another positive up their sleeve with the last 3 Mondays being up powerfully by 1.9, 2.3 and 2.6% on 9/28, 10/5 and 10/12 respectively. Next week will be critical in my opinion, and are investors becoming apprehensive with the nearing election?