Of the three major indexes–DOW, NASDAQ and the S&P 500, only the NASDAQ is running on thin air.
What do I mean by running on thin air?
The NASDAQ should be leading the market higher in classic sector rotation theory. The NASDAQ, and specifically tech stocks, is always the first sector to lead coming out of a bear market.
So far the NASDAQ is the only index to push beyond the Fibonacci 50% retracement level. Both the Dow and the S&P 500 have rallied strongly from their March lows but have not made it over the 50% retracement level.
Many institutional traders are looking at the NASDAQ’s Fibonacci 50% retracement level as a key pivot point for what the market will do for the rest of the year.
While not all the pieces are in place to go short or get out of long positions, one of the first clues is being put in place today by the Japanese candlestick charts.
In my new video, I share with you the NASDAQ retracement levels, as well as one of the key components that could lead to a potential reversal to the downside.
Do not be caught off guard. This is a short video you need to watch.
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