Update on NDX: Jun 30, 2015

The Nasdaq-100 Index hasn’t played nicely with respect to Harmonics or chart patterns — except those that manage to push the index higher.  It plunged 83% when the 2000 bubble popped and, after 15 years, has finally managed to retrace 88.6% of those losses.

The most prominent feature in the long-term chart is the white channel — almost all of which has been irrelevant as the index spent the vast majority in the top half (and, most of that in the top 23.6%.)2015-06-30 NDX wkly 1130Interestingly, the rise from 2009 has was fairly orderly until this past October.  NDX plunged below the bottom of the red rising wedge after reversing just past the white .786 at 3955.

But, as we all remember, Fed President Bullard went on TV to promise more QE, and the BOJ actually did roll out more QQE.  NDX was suddenly back in the rising wedge, zipping right along like nothing ever happened.  2015-06-30 NDX daily 1130So, it’s especially intriguing to see it lose the support of that wedge yet again.

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