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ALERT! - NASDAQ Update - February 1, 2018
Volume 2, Issue 2
February 1, 2018
Download PDF Version here
Nasdaq in a risky zone for a pullback.
Items of Interest:
In this week’s Technical Tuesday report, we highlighted the Nasdaq Composite being “slightly above its MFU-4 target and into the upper end of the channels” which makes this “a risky area near-term”. The Nasdaq is the last major U.S. index to achieve its upside target, and this is probably what we needed to see before we get the pause that refreshes.
Attached is the weekly chart we used in our last report as well as a daily chart of the Nasdaq which compares the current period to that of last June and August. The biggest difference now is the very extreme readings on a momentum basis and deviation from definable areas of support. We are cautious here.