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Nasdaq Composite’s rally off the 2002 lows has finally reached its 61% Fibonacci retracement level 11 years later after the dot.com crash, where an 80% decline took place.
At the same time the Nasdaq Composite index is hitting its 61% Fib level several resistance lines come into play, tied to key “Emotipoints” dating all the back to the 1990’s Nasdaq lows.
Joe Friday….Nasdaq Composite is facing its biggest test of resistance in 13-years at (1) above.
Should the Nasdaq break this resistance…..it would be a big plus for tech stocks.