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For the first time since the Tech bubble back in 2000, the NDX is 3% above its 38% retracement level at (1) in the above chart. From a Fib retracement perspective, the next key resistance level comes into play around 2,750.
NDX 100 is reflecting positive price action. Of the key U.S. markets, I remain favoring MDY at this time, due to it breaking out, too all-time highs in prices.
B…I am long! This breakout does suggest to be long the NDX, I just favor the relative strenght of MDY.
Andrew…I do like both of them here, more so though when the breakouts took place. I would be an owner with a stop. As I shared a few times of late, I favor the mid-caps.
For those of us who do not own MDY, would you say this is a good entry point for NDX? Or even for MDY?
Why would you not be long this given the Fib breakout?