NASDAQ’s Christmas in July Rally Looking for Support By: Almanac Trader | June 26, 2019
Two days ago we prepared you for NASDAQ’s 12-day Midyear Rally, a little Christmas in July for the market. This annual rally is only one day old and it’s battling to find support. The next few days are likely to be critical as we are also watching for our NASDAQ Best 8 Months Seasonal MACD Sell Signal after our Dow and S&P 500 Best Six Months Seasonal MACD Sell Signal triggered May 1.
As you can see in the chart above near term support for NASDAQ sits at approximately 7885 near the June 25 close and several other chart points noted by the blue arrows. NASDAQ has also yet to make a new all-time high above its May 3, 2019 close. If NASDAQ fails to make a new high during this usual 12-day Midyear Rally our sell signal would most likely trigger sooner.
But if we hold support here also around NASDAQ’s 50-day moving average (pink line in the chart above) we will probably make a run at new highs for NASDAQ before our NASDAQ Best 8 Months seasonal sell signal triggers. Either way we are positioned for more sideways action and backing and filling over the next few months, so we don’t expect a big summer rally.
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