NASDAQ was finally back in the driving seat overnight, closing at new record high at 13067.47, up 2.56% or 326.68 pts. S&P 500 rose 1.48% to 3803.79 while DOW rose 0.69% to 31041.14. All were new records. Technically, next medium term target for NASDAQ will be 61.8% projection of 6631.42 to 12074.06 from 10822.57 at 14186.12.
There are two things to pay attention to in NASDAQ. Firstly, it’s the reaction to near term channel resistance. Secondly, it’s whether daily MACD would bend upwards through prior high made last September. Both would indicate whether NASDAQ is re-accelerating and set the stage through above mentioned 14186.12 projection level.
