Jeff Cooper: Nasdaq-100 Suggests Upside in Tech Stocks Is Limited
The tech index is now exhausted.
As the chart below from this morning's Daily Market Report shows, on Tuesday, the Nasdaq-100 (INDEXNASDAQ:NDX) challenged the March closing high and in so doing knifed above its upper Bollinger Band.
This is the first tag of the Bollinger Band since the January peak, which preceded a sharp sell-off. The combination of the test of the March closing high and the spike above the upper band suggests that the NDX is vulnerable here. The first big reference point looks like a backtest of the breakout from four sessions ago.
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