Monster Important Kiss Of Resistance For Leading Tech Index Today

 

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Good earnings in tech land  are causing some tech companies to scream higher this morning. If one owned Google, Amazon or Microsoft at yesterdays close, they are doing well this morning.

The rallies in tech land has the Nasdaq Composite index at what appears to be one very important price point.

The index hit its 2000 highs back in July and failed to get a good breakout. After that prices fell hard.

Now the Nasdaq Comp index is kissing the underside of dual resistance for the first time in years.

How tech handles this kiss of resistance, as it is back to levels hit in 2000, will most likely tell us a ton about where it will be at years end. A breakout here is very bullish and a failure here would be pretty concerning for the bulls.

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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