Stalling or Resting?
Has the robust move from the early August lows near 15000 to the current peak at the very round 19000 number a bit too much too soon? The daily chart of the Nasdaq shows that path and I believe it will go on to retest that former peak right above the 20000 figure. Its WEEKLY chart shows May recording the first bullish MACD crossover since last October, which was from well above the zero line, unlike this one. The move BELOW the bull flag in Q1 exacerbated the big 25% drawdown, as we know from FALSE moves come fast one in the opposite direction. It is now above the 50 WEEK SMA, and not only did the very rare WEEKLY gap from last week hold (first in 2.5 years) but it rose more than 7% and CLOSED at highs for the WEEKLY range. A cup base could be taking shape, and when and if it touches 20000 again and a break above that area could see a measured move toward 25000, perhaps sometime in 2026. META has not been spoken about much since its 20-day win streak earlier in 2025 has carved out a handle on its double-bottom base with an add-on trigger of 662.77. Are the big mega-cap techs ready to assume leadership?