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The Most Important Trends in the U.S. Stock Market Now

JC Parets

The Nasdaq Composite, on the other hand, reached its upside objective of 7600 in January and has been consolidating below that level ever since. Was that the move, and now we reverse from this key extension target? Or should we instead focus on the fact that the Nasdaq just went out at an all-time monthly closing high, which is a characteristic of an uptrend, not a downtrend?