THE RESISTANCE LEVEL THAT MATTERS THE MOST FOR THE BULLISH CASE GOING FORWARD
We saw last week that the S&P 500 passed its test of support with a dramatic thrust off a key trajectory dating back to the 2009 lows. We now look for the next driver of the markets to propel it past the mud pit that has marked October trading, thus far.
There is one level of overhead resistance that matters the most for the markets in Q4. It, of course, has to do with technology. And, of course, it has to do with the top 100 technology companies on the Nasdaq. In true Q4 fashion, the index that will usher in an end to this governmental led vacillation of the absurd variety is the Nasdaq 100.
Here is the view:
click chart to enlarge
NDX
