Monday, May 7, 2012
A look at the long term Nasdaq 100 index
The Nasdaq 100 Index (NDX) has approached major long-term resistance. It fell just short of the 50% retracement of the 2000-2002 crash, at 2,805.80 and is backtesting a long-term trendline. After a 10-year bear market rally in this index, this seems poised to turn down in a big way. I posted about the parabola in Apple Inc. (AAPL), and as soon as this stock really gets going to the downside, the NDX should follow suit, as well as the general stock and commodity markets as the coming deflationary crash gets underway.