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NASDAQ 100 Surges Beyond Bullish Channel: A Warning Sign of Over-Concentration

Written By: JasonX

June 19, 2024

Here’s the NASDAQ 100 1-hour chart tracing back to the October 2023 bottom. Notably, this is the first instance since that October low where the NASDAQ has surged beyond the resistance level of its bullish channel.

It’s important to note that the second bullish channel, which took shape after the April bottom, has a steeper trajectory compared to the channel observed during the October to March rally.

Given this steepness, it is highly unusual for the NASDAQ to trade above this new channel. I interpret this as a warning sign of extreme over-concentration in the NASDAQ 100.

https://linktr.ee/jasonregalado

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