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Nasdaq on the Cusp of Capturing July's Target, Reclaims 39-Year Resistance


The long-term charts continue to highlight the importance of the market's current intermediate inflection point.

The next chart hasn't been updated since July 17, but it's become relevant again, since the Nasdaq Composite (INDEXNASDAQ:.IXIC) is now on the cusp of capturing my intermediate target zone. What's particularly interesting on this chart is Nasdaq's recent breakout over a 39-year trend line -- and while that's par for the projection, it always looks more convincing once the market actually realizes the projection and breaks out... so as this target approaches, bears are moving into a do-or-die intermediate inflection zone. The last time we saw an inflection zone of this magnitude was back in December 2012.

Click to enlarge

In conclusion, the S&P 500 and Nasdaq are both approaching major intermediate inflection points. As I see it, this is a zone where bears will either need to make a stand or head back into hibernation for the foreseeable future. Trade safe.

Follow me on Twitter while I try to figure out exactly how to make practical use of Twitter: @PretzelLogic.

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No positions in stocks mentioned.
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