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Marty Chenard

Marty Chenard

Marty Chenard is an Advanced Stock Market Technical Analyst that has developed his own proprietary analytical tools and stock market models. As a result, he…

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While the Dow has Moved Higher and Made Everyone Happy, the NASDAQ 100 has Many Analyst Worried

Last week we commented: "While the Dow has moved higher and made everyone happy, the NASDAQ 100 has many analyst worried."

So, the question now is: "What did the NASDAQ 100 do last week?"

Today's chart shows a clear picture of what it did or didn't do.

Last week, we had noted that there was a strong possibility that the NASDAQ 100 could have a Head & Shoulder pattern developing. If it does, we said, the most likely area to stall would be around the 2806.46 resistance coming from its fan line.

So what did it do last week?

I posted 2 charts below so you can easily see what happened during the past week. The first chart show's last week's data, and the second chart show's yesterday's data.

FYI ... As noted last week, the concern is a 400 point drop which is the downside projection for the Head & Shoulder pattern should the NASDAQ 100 fail to the downside now.

Chart 1 ... last week's data:

Nasdaq 100

Chart 2 ... yesterday's data:

Nasdaq 100

 

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