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NASDAQ Composite May Be Showing Signs Of Bullish Life [PowerShares QQQ ...

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Corey Rosenbloom: The tech-heavy NASDAQ index has been underperforming the S&P 500 and Dow Jones (both shy of all-time highs), but the NASDAQ Composite may be showing signs of bullish life.


Let's take a look at a breakout that slammed into the first resistance target, and what levels to watch should buyers extend the breakout beyond the current ceiling.


We'll start with the Daily Chart:


A first glance at the chart shows a clean breakout above the falling (downtrending) 50 day Exponential Moving Average (blue EMA) which is bullish, but let's take it one step beyond that.


The index is trading up into the first resistance target level into 4,175. It's the upper Bollinger Band along with prior price highs (resistance) from January and April.


This makes 4,175 our simple focal point for additional bullish breakout plays (targeting 4,200 and beyond into 'Open Air' toward 4,280 if above 4,200).


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