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Nasdaq Breaks 9-Year Support: New Bear Trend?

By Chris KimbleETFsDec 24, 2018 12:07PM ET
www.investing.com/analysis/nasdaq-breaks-9year-support-new-bear-trend-200370741/
Nasdaq Breaks 9-Year Support: New Bear Trend?
By Chris Kimble   |  Dec 24, 2018 12:07PM ET
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QQQ
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Monthly Invesco QQQ Trust ETF
Monthly Invesco QQQ Trust ETF

Tech is doing something this month that it hasn’t done in 9 years and it could be sending an important message to the broad markets.

This chart from Investors.com and Marketsmith looks at the Nasdaq 100 ETF (NASDAQ:QQQ) on a monthly basis since inception. We applied Fibonacci levels to the 2000 highs and 2003 lows, which highlights that QQQ hit the 161% extension level at (1) in September. While hitting that level, it was also kissing the underside of resistance and it created a bearish reversal pattern.

Weakness since hitting the 161% level now has QQQ breaking 9-year rising support at (2). This break of support sends a negative message to the broad market from a sector that has been an upside leader since the 2003 lows.

Nasdaq Breaks 9-Year Support: New Bear Trend?
 

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Nasdaq Breaks 9-Year Support: New Bear Trend?

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Comments (2)
Mike Lee
Mike Lee Dec 25, 2018 2:41AM ET
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Thanks Chris, please keep us informed
Sandeep Manchanda
Sandeep Manchanda Dec 24, 2018 8:21PM ET
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Since 9 years rising support has made market movement range too narrow to b practical. Market needs some range to find support and then move up. Current market movement shall probably create new space to move around and then move up, as we are not entering recession yet.
 
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