Yet another push higher
Posted by Danny on February 17, 2014
Stock markets didn’t look back last week, and some indexes have already recovered their January losses. With a lunar green period set to start this week the rally is likely to carry on into March. Let’s have a look at the Nasdaq chart (click for larger image):
All my technical indicators bottomed out last week and the Nasdaq has climbed back to new highs for the year already. The Earl is reaching overbought territory, but the Earl2 and MoM indicators suggest that there is more room to rise. Based on the long term trend channel the Nasdaq can climb to approximately 4350 by early March.