In our last update on COMP [see: Apr 25, 2022 Update] I noted that after reversing within 0.3% of our 16,158 upside target in November 2021……COMP had dropped to our 12,813 downside target three separate times. I wondered what it would take for COMP to reach our next lower target at 10,122. [Last November] we … continue reading →
Tag Archives: nasdaq
Almost five months ago, we noted that COMP was nearing an important turning point: our 16,158 target. From Close Enough on Nov 19: COMP is probably no more than a day or two away from a very significant top. We identified two downside targets: 12,813 and 10,122. COMP topped out at 16,212 the very next … continue reading →
Less than a week ago, we penned an update on COMP that was aptly entitled COMP Signals More Pain Ahead accompanied by the following chart. COMP complied yesterday, racing past our initial downside target to tag the next one at 13,213.50 before a massive bounce back to the .618 Fib. Is it safe to wade … continue reading →
We’ve been keeping an eye on COMP lately, as it has often been a solid indicator of froth in the markets. It recently reached our next upside target of 15,667, continuing up to today’s high of 15,966. The gains are especially noteworthy, as just 5 weeks ago COMP completed a very bearish H&S Pattern that … continue reading →
COMP: the index that thinks it’s a beanstalk. It’s heavily weighted toward stocks which have done particularly well in the face of the global pandemic: AAPL, MSFT, AMZN, FB and GOOGL. So, a reversal at current levels would be a big deal. Investors might wish to know, then, that it just bumped up against a … continue reading →
Don’t look now, but COMP is approaching our 6760 target. As we discussed on Oct 10 [see: Plan B] COMP faced significant downside if its 200-DMA didn’t hold. Bottom line, it didn’t. It was off as much as 13.3% last month before beginning a bounce that was destined to fail. Next week, it will get … continue reading →
Facebook is only 5.5% of the Nasdaq Composite (COMP), but yesterday’s plunge [see: Facebook Flops] was a good reminder to update our outlook. In our last update [see: Nov 6, 2017 Update] we identified 7619.37 as our next upside target. At this point, it’s pushing into the top quadrant of the rising white channel where … continue reading →