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Can you believe that 12 years after the NASDAQ 100 hit its high, this key tech index continues to battle with its 38% Fibonacci retracement level. Numerous times over the past year the NDX 100 has made an attempt to break through this key Fib level, with no success.
Now the NDX 100 is within 2% of the highest weekly closing high in a year, at Fib resistance. This chart reflects that once a sector gets “too crowded” it can take a long time to work off its excesses!
Greg…Great comment, Thanks for sharing and what a surprise? 😉
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I believe the short interest in this index is at 11 year lows.