NDX Nears Resistance
The S&P 500 and the Dow Jones Industrial Average are sailing in new all-time high territory. Absent from the headlines is the Nasdaq, which has also been on a tear to the upside but is now approaching an important test.
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The bias in the $NDX is bullish as it pushes above nearby resistance at 4573. A move over this level would next target a test of the high-volume area resistance at 4612 – 4694. This is a resistance zone that must be overcome to allow the wider bullish story in stocks to continue. A failure by the NDX to break above this resistance zone and especially any negative rejection from a test to this zone, would impair the ability for the SPX and DJIA to continue their ventures into further new all-time high territory. The bullish bias in the NDX will remain firmly intact while above 4467. Only a failure to hold above 4467 on a pullback would negate the current bullish bias.
