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Nasdaq trend starts to falter

Jason Goepfert
2020-09-08

We saw last week that if the Nasdaq Composite happens to follow past precedents, and if this happens to be a major peak, then the index is more likely to fall nearly straight down after going nearly straight up. With more weakness on Tuesday, that possibility gets a little bit stronger. In the process, it fell below its 50-day moving average for the first time in more than 90 sessions, ending one of its longest streaks above. The ends of other long streaks typically led to further short-term weakness. When the index had been at a multi-year high within the past two weeks, then over the next two months it gained only once out of 5 tries (the dates were 1980-12-08, 1986-07-08, 1996-06-18, 2018-02-05, an d 2020-02-24).  We'll have a full table on Wednesday.

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