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Here's an update on analyst Chris Kimble's Nasdaq 100: Playing a Bounce (July 6).
Chris explains: On July the 6th, at the market's opening, I suggested buying the NDX 100 due to neckline support (see my July 6th chart below). This tactic generated some "pocket change" in a few days on a strong upside move in this index.
Some have asked; is the Head-and-Shoulders pattern in the NDX still in play?
Yes it is. However, the critical neckline remains strong support. The neckline has to break for this pattern to be correct. On the flip side, if falling resistance is taken out, not only will the pattern break, one would want to own the breakout.
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