Nasdaq charts higher peak
The above chart shows daily price action. The NAS100 has charted a higher peak followed by a higher trough. This is the classical definition of an uptrend as defined by peak and trough analysis. Yesterday’s price action is a strong blue candle showing good bullish emotion and strength. This was due to the market participants reacting positively to the US mid-term election results. The index has closed above its 200-day SMA. If the 200-SMA turns up this will be regarded as a positive development.
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