Nasdaq monthly chart? What is it saying

Nasdaq monthly chart

Nasdaq Monthly Chart Outlook

Dec 25, 2022

If the markets follow the projected path from October, a test of the 9,900 to 10,500 ranges will probably mark a bottom. In other words, if they follow the 1973-74 pattern, a test of the above ranges will make for an enormous opportunity (the purple support line in the 1st part of the chart). Will the Nasdaq follow this path; nothing is written in stone. However, if it were to happen, it would provide a mouth-watering opportunity for Tactical Investors. Market Update September 11, 2022

The above objectives were satisfied. It dipped to the low 10K ranges and held. Shortly after that, it reversed course and started to trend higher. In November, the Nasdaq experienced two blistering rallies, so it is now paving the way for a test of the 12,300 to 12,600 range. There is a good chance that a close at or above 12,600 will pave the way to take out its Aug highs.

nasdaq chart

Other excerpts from recent issues prove that it pays to buy the fear

While it looks like the Dow lost a lot of weight, it shed less than 700 points since the last update. On August 9, it was roughly at 32,800. Risk takers should have opened up longs. Market Update August 27, 2022

Short term, the markets are entering a corrective phase; the SPX has hit short-term targets. Former support points turned into resistance which should turn into zones of support again, albeit on a short-term basis. The likely pullback targets fall in the 3960 to 4020 with a decent chance of overshooting as low as 3870. Market Update August 2, 2022

It traded as low as 3,886, so it traded below the low end of the official suggested range by roughly 70 points. The markets should continue rallying as the selling pressure is easing, bearish readings are high, the masses are unsure, and the dollar is close to putting in a short-term top. Market Update September 11, 2022

Risk takers should continue holding until the Dow tests the 33,600 to 34K ranges and the Nasdaq trades to 13,500. At that point, all the higher-risk positions opened should be closed. You can also modify this trade in line with your trading style. Market Update September 11, 2022

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