Nasdaq Daily Chart Near Record Highs

The Nasdaq is getting close to new record highs which would soon be a double top, as well as an H&S pattern being set up.   I extended the past for now which will allow the Nasdaq to break to new record highs.

Right shoulders would have to break out in a very bullish fashion, but if this is still a diagonal bearish rally then the right shoulder would produce resistance.

Other indices are not this close to breaking out so the Nasdaq would be marching to a different drummer again.

It seems nothing is stopping this bull market at this time, but we also know that “Bad News” can come out of nowhere and blindside all those investors that are bullish.

The COT reports for the Nasdaq are just about even which offers no special insight as to any new direction.

The Gold/Nasdaq ratio has backed off from record-breaking ratios and sits at 5.82:1 this morning.  This is cheaper than the 6.38:1 record established on September 5th, 2018. The Nasdaq is still very expensive when we use gold as money.

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