Nifty Nasdaq:

I am not going out on a limb here saying the Nasdaq should feel the pull toward the very round 16000 number on the MONTHLY chart below. It is just 2% from these PRICES and PRICE has memory, as it was there just more than 2 years ago. What will be interesting is how it reacts once it is there, of course, it has to do that first. That being said it is still lagging behind the S&P 500 which is at all-time highs. I am hearing the weak seasonality patterns. Concerns about breadth, the Russell 2000 never being this far away when the S&P 500 is at all-time highs, etc. Yet the markets are grinding higher. Both the semis and software are moving in the right direction and perhaps we can use the analogy of the Nasdaq chasing the S&P 500 with the IGV trying to play catch up with the SMH. Notice here that the SMH is at all-time highs while the IGV (the lime line) is still in pursuit of its own. If it can achieve one this year, notice between 2018-22 it firmly led the SMH. My favorite chart of the top ten holdings in the IGV is PANW which is bull flagging with a buy stop above 350 carrying a measured move to 420. 

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