Nasdaq Composite Index Breaks Out Into New Highs

Despite the plunge in the stock market, the Nasdaq has recovered all its losses and make fresh new highs. This is really good for the stock market.

A stock market that is lead by tech is usually a good sign. When tech leads, the Dow and S&P will most likely be making new highs in the near future.

The chart above shows the daily chart of the Nasdaq Composite index.

What a ride it has been. From a big plunge to recovering all the losses and then making new highs. This is really a superb recovery for the stock market. With techs now leading the markets, there is a high possibility that Dow and S&P will follow Nasdaq to make new highs.

In the recent 2 days analysis, I have highlighted how the techs and semis that lead will be good for the market. Even the Dow and S&P is breaking out of a triangle in the daily chart.

Do go and check out the US stock market analysis page and watch the Youtube videos for a more in depth analysis.

At this moment, if Nasdaq continues to move higher, the area that I have drawn will be a new area of support for the techs. Join me everyday as we study the US market and try to figure out where it wants to go.