NASDAQ Analysis. Pennant Breakout, Further Gains Expected
This past couple of weeks has seen the NASDAQ consolidating in a tight range which formed a small pennant as seen above. That pennant broke out in the later part of the week and the NASDAQ also resumed its out-performance vs the S&P 500, a trend usually indicative of higher markets.
All this is occurring as we are entering a seasonally strong period for stocks. Check out these two posts to get an idea of the tailwinds US stocks are seeing over the next few quarters.
https://twitter.com/RyanDetrick/status/1045687335042654208
https://twitter.com/RyanDetrick/status/1045689558950703104
All this suggests we continue to see higher prices and looking at the long-term chart, as long as NDX can remain within its current trend and above 7,300, the next significant price level is up at 11,300 another 47% upside from here.
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