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My friend and veteran technical analyst Chris Kimble shares his latest take on our favorite index four-pack.
Chris comments: Since we are starting a new year and the first Monday of the year, I thought I would update the major markets and where they stand per key retracement levels.
In the four major markets in the accompanying chart, only the NYSE is yet to break the key 61% retracement level. Of the four, the Nasdaq 100 finds itself at the most interesting price point because of its attempt to break above its highs reached in 2007. An upside breakout should usher in much higher prices, due to how key this level is for the NDX.
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