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Two weeks ago the Power of the Pattern shared that the NDX had recorded the highest overbought momentum readings since the 2000 highs. At the same time it was forming a bearish rising wedge at resistance as key Bio Tech names were already breaking support. (See post here)
The chart above updates the NDX pattern, reflecting that that support of the bearish rising wedge is breaking and Mo Mo is too!
These set up reflected a price point to manage risk, from a portfolio construction perspective and the action over the past two weeks hasn’t changed this message!
Party like its 1999???