The Long-Awaited NASDAQ High has Arrived

Stan Harley |


NASDAQ High Imminent

NASDAQ_Comp_6_24.jpg

The NASDAQ Composite chart above depicts a cyclical pattern that is worthy of examination. I have included the MACD (12,26,9) plot below for added clarity in depicting my cyclical turns. Note how the cyclical turns coincide with pivotal reversals in the MACD indicator. Note, too, the average time count in the high-to-high sequence: 40.8 trading days (TDs) between the 03-Jul-14 high on the left and the 27-Apr-15 high on the right – 39.8 TDs in reality, but 40.8 TDs with this small sample size. You get the point.  My 39.8 TD rhythm is readily apparent. The one year analysis indicates 43 TDs has been the longest high-to-high sequence. Presently at 40 TDs from the 27-Apr-15 high about all I can say is – we are there. It could possibly hold up into the end of this week which would make another 43 TD high-to-high sequence. But I don’t see this market holding up beyond this week.

Outlook_6_24.jpg

Long story short, I would absolutely not be long equities at this time juncture. It may well turn out my “June 26 – July 1st” turning point, which I had projected as a low, produces the high in the NASDAQ and the retest high for the DJIA /S&P/NYA. This intense media focus on Greece should start to fall apart by week’s end.  

 

Each month, Stan Harley publishes The Harley Market Letter, a newsletter that provides advanced technical analysis of stocks, bonds, and precious metals. This is the latest update to the Harley Market Letter for June. Want to learn more from acclaimed market analyst Stan Harley? Visit his site and subscribe to the full Harley Market Letter.  

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Comments

Emerging Growth

OncoSec Medical Incorporated

OncoSec Medical Inc is a biotechnology company focused on designing, developing and commercializing gene therapies, therapeutics and proprietary medical approaches to stimulate and guide an anti-tumor immune response for the…

Private Markets

iPRO Network, LLC

We provide the platform, tools, and resources to empower individuals and professionals to market desirable goods and services to the public, taking the place of traditional methods of commerce.

Voleo

Voleo is a free download that allows you to form investment clubs with your friends, family, colleagues, classmates, teammates…basically anyone you know and trust. Invest and manage a stock portfolio…