$QQQ If your nose is stuck in the weeds of day or swing trading, pay attention. We've been looking for a bottom in The Q's which have been lagging. Now we have a higher high. The Secular Bull Market of 2009 is just resuming. The '82 Secular Bull ran 18 years. 2009 – still dancin. pic.twitter.com/EqTzlBgrcO
— Alan Cohen (@al_xdpg) February 1, 2023
Today’s Chart of the Day was shared by Alan Cohen (@al_xdpg). It’s a weekly candlestick chart of the Nasdaq 100 ETF ($QQQ) over the past 16 years. The Nasdaq is up 13% to start the new year after dropping more than 30% last year. It closed at a 4-month high today, and it recently reclaimed both its 200-day moving average and the downtrend line from its peak. Despite a dismal performance last year, Alan points out that the Nasdaq managed to respect the uptrend line that connects the 2009/2020 lows. Was last year’s decline just a pullback within a secular uptrend?