Nasdaq Momentum Making Its Presence Felt:

The Nasdaq now sits just 3% off most recent all-time highs, and this week is showing solid firmness, up 2.6%, after the prior week rose by 2.6%. Last week CLOSED right at highs for the WEEKLY range, and this week is doing the same with one session left. Software is trying to join the nascent technology party, with the IGV advancing by 3.4% this week thus far after the prior week did roughly the same. Over the last one-week period the IGV has more than doubled the SMH’s gain, and that’s a welcome sign for the bulls. Of course, the “old tech” and mega-cap names continue to help power the Nasdaq higher too. DELL MSFT and GOOGL are just a few examples of that. The measured move with the break above the ascending triangle is 14800. But some of the aforementioned large-cap names did record some spinning top candles, which often indicate a stock may be in for a pause, which would be totally acceptable after the strong moves recorded.

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