NASDAQ gained another 0.35% overnight to close at new record of 10941.17. The upside range breakout is a sign of strength. But we’d need daily MACD to break sits trend line to confirm re-acceleration. If it happens, it’s likely that NASDAQ would have a take on 138.2% projection of 6190.17 to 9838.37 from 6631.42 at 11673.23 before making a top.
On the downside, the lower part of this week’s gap, last week’s high of 10747.80, is the first line of defense. 10217.31 support is the key near term structural level to maintain bullishness.
