Nasdaq 100 Daily Chart Update

 

On this daily chart, the Death Cross is still going to happen as the Nasdaq wanted nothing to do with the 50-day MA, and could not find support above the 200-day MA!  If the big bearish trend is true, then no amount of jaw-boning will turn the tide, even with the COT report below showing a small net long position. The bears will show us if they are in-control by taking out my wave 1 position Minor degree which still could happen this month.

My last Gold/Nasdaq ratio calculation was in early September 2018 what at that time registered the most expensive ratio of 6.38:1. It takes 6.38 gold ounces to but just one unit of the Nasdaq which blows the old record of 4.94 gold ounces by a long shot.  Cheap would be 1.18, so there is a long way to go before this Nasdaq becomes cheap again. The Gold/Nasdaq ratio has been hitting a brick wall a the 6:1 range, so that is a usually a big clue that this market is far too expensive to be a good long-term investment at this time.

This is only a very small net long position with this COT report, which is nothing to get excited about especially when this is one of the only long indices I have.

Hits: 10

Share this...
Email this to someone
email
Print this page
Print