No Gray Area:
The Nasdaq is at a critical juncture here without a doubt. PRICE has memory and there are a lot of conflicting feelings where we tread at the moment. The very round 12000 number is a battleground to say the least, and I get the feeling that we will not spoon around the figure here. We are either going to bust through powerfully from the bullish ascending triangle we see below, or we will fail and drop precipitously. It seems many are counting on a bullish end into 2020, but is that too obvious, or will the notion be correct from many salty traders I have been chatting with that state, “consensus if usually right”? Or to complicate matters is todays CLOSE above 12000 simply a benefit of this commonly bullish, holiday shortened week? What I do know is that if that Nasdaq is going to lead software must get its act together. The IGV is UNCH over the last one month period, while the SMH has advanced 11% over the same time period. One can not expect the semis to burden all of the heavy technology load. Another worrisome stat is that the XLK is the worst major S&P sector out of 11 over the last 3 month time period.