Nasdaq Resting Up:
The Nasdaq appears to be for the moment taking a prudent pause here. Or is it? Presently it is on a 6-week win streak and will now be looking for its fifth WEEKLY CLOSE above the very round 14000 number. It was able to accomplish that for 3 weeks in July and again the week ending 9/1 before losing altitude from that level. This time around it feels much more confident and that bodes well going not only into year-end but the start of 2024. Semiconductors seem to have a nice wind behind their back even as the 800lb gorilla NVDA has the look of a bear flag (it trades very wide and loose and round number theory came into play with several dubious candles at the 500 figure). One should remain cautious of that one until it can decisively clear its 21-day EMA, and notice on the ratio chart has been in a steep decline for 3 months against main rival AMD, and INTC with its AI Event Thursday is on the mend under Gelsinger’s helm. Software shrugged off yet another ORCL earnings debacle. It is not looking likely that the very round par number will save it as it did with the bullish harami cross on 10/27. If this nascent WEEKLY cup with handle breakout can gain steam here look for a move toward the very round 16000 figure which was touched back in late 2021, sometime in the second half of 2024.