Don't Ignore This Chart

The Nasdaq Exchange Tests A Breakout (NDAQ)

 | 

The NASDAQ OMX Group (NDAQ) has consolidated recently for the last few months. For September it looks like it wants to start the month pushing for a break out to the upside. The SCTR shows the company holding in the top quartile. Relative Strength is still holding but closer to four month lows. 

Like most parts of the market, the volume has been quieter lately, so I would suggest that just fits in with the overall view. I think a breakout through $96 is an attractive entry and a stop at $92 should give it room to wiggle.

Good trading,
Greg Schnell, CMT, MFTA

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is also the author of Stock Charts for Dummies (Wiley, 2018). Learn More
Subscribe to Don't Ignore This Chart to be notified whenever a new post is added to this blog!
comments powered by Disqus