NDX 100 clears Fibonacci hurdle…

Posted by Chris Kimble on 02/16/2011 at 9:05 am; This entry is filed under Mid-Caps, Nasdaq 100.
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For the first time since the Tech bubble back in 2000, the NDX is 3% above its 38% retracement level at (1) in the above chart.  From a Fib retracement perspective, the next key resistance level comes into play around 2,750.

NDX 100 is reflecting positive price action.  Of the key U.S. markets, I remain favoring MDY at this time, due to it breaking out, too all-time highs in prices.

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4 Comments

  1. B Ferro February 16th, 2011 at 9:14 am

    Why would you not be long this given the Fib breakout?

  2. Andrew February 16th, 2011 at 10:24 am

    For those of us who do not own MDY, would you say this is a good entry point for NDX? Or even for MDY?

  3. Chris Kimble February 16th, 2011 at 11:38 am

    Andrew…I do like both of them here, more so though when the breakouts took place. I would be an owner with a stop. As I shared a few times of late, I favor the mid-caps.

  4. Chris Kimble February 16th, 2011 at 11:54 am

    B…I am long! This breakout does suggest to be long the NDX, I just favor the relative strenght of MDY.

    http://blog.kimblechartingsolutions.com/2011/02/favorite-u-s-index-etf-is/