Nasdaq On the Brink of a Larger Collapse? Watch This Support

2023.01.06 15:54

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Despite a 33% decline in the Nasdaq, this key stock market index remains inside of this 13-year rising channel.

Barely.

Today’s long-term weekly chart of the  highlights just how tenuous the bull market is right now. And why investors need to stay focused.

Looking at the chart below, you can see that the 13-year rising channel has proven to be an enduring bull market run — but is this run over? The coming days/weeks could decide the Nasdaq’s fate.

NASDAQ Composite Weekly Chart

With the Nasdaq currently trading below its 200-week moving average, it is imperative that the rising trend channel support holds. If not, the decline potential is large. Stay tuned.

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