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The Nasdaq 100 finds itself right at the top of its 10-year rising channel and for the first time in 12 years, is within 3% of its 50% Fibonacci retracement level, drawn from the Tech bubble in 2000.
This morning CNBC reported that 34% of the NDX 100’s gains in 2012 could be attributed to Apple.
The Power of the Pattern reflected that Apple broke above its 20 & 30 year resistance lines and was retesting it as support last week at the $525 level, which was a big-time positive…How has Apple done since the testing of support? A week later, Apple is $70 a share higher. (see post here)
Don’t be surprised if the NDX will have a few challenges with these resistance lines. No different than Apples breakout…if the NDX does takes out these lines, the positive momentum in tech land should not only continue, it could pick up speed!