no it won't! as i've written a couple of times in the past 2 weeks: there is a big head/ shoulders pattern on the nasdaq (and the spx)- the left shoulder and right side of the head have been completed and right now the right shoulder is being done. the right shoulder top should be around 4200 area (the left shoulder top was at 4246- and the 2 shoulders should match in height- within a few points)- the 50 day ma is at 4224 as of today and the nasdaq is not at all yet overbought! it should get to that 4200 area within the first few days of may and then roll over to do the right side down of the right shoulder and go to the neckline - at around 4000 to 3900. then it should break the neckline and go to the target price of the pattern - around 3400 to 3500- all to be accomplished by october. i've written that a few times now and it is currently still playing out as such! hence, the nasdaq should have more room to run before it rolls over- and that should be up to the 50 day ma price which is that 4200 level! so, no, i do not believe that the 100 day will act as resistance for anything more than a day or 2 before the nas continues up until it gets to overbought again on the chart. we'll see i guess.
I see the same in the charts however there is alot more at play that could disrupt these charts in the very near term. For starters there is no justification on an earnings basis for any of these markets at these levels. Also, the situation in Ukraine has been disregarded as if it doesnt exist. Well, that situation will not only force these markets lower they could possibly force them into a crash like scenario.
160% gain YTD seems right with these numbers for longs here, nothing but a mafia ran legal casino - numbers don't matter in this one, we'll see how long this will last this time -
EPS Trends Current Qtr.
Mar 14 Next Qtr.
Jun 14 Current Year
Dec 14 Next Year
Current Estimate -0.74 -0.64 -2.67 -2.20
7 Days Ago -0.74 -0.64 -2.67 -2.20
30 Days Ago -0.75 -0.65 -2.71 -2.31
60 Days Ago -0.49 -0.40 -1.68 -0.87
90 Days Ago -0.48 -0.40 -1.64 -0.90