The Nasdaq Summation Index ($NASI) rebounded in July and then hit resistance near the zero line in July-August. The indicator is still moving higher because it is above its 10-day EMA. A break below this EMA would signal a downturn and be bearish for Nasdaq breadth.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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