NASDAQ Analysis. Pennant Breakout, Further Gains Expected

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This past couple of weeks has seen the NASDAQ consolidating in a tight range which formed a small pennant as seen above. That pennant broke out in the later part of the week and the NASDAQ also resumed its out-performance vs the S&P 500, a trend usually indicative of higher markets.

All this is occurring as we are entering a seasonally strong period for stocks. Check out these two posts to get an idea of the tailwinds US stocks are seeing over the next few quarters.


All this suggests we continue to see higher prices and looking at the long-term chart, as long as NDX can remain within its current trend and above 7,300, the next significant price level is up at 11,300 another 47% upside from here.

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