I don’t have much new to say today. Obviously the market is struggling to go very far in either direction right now as today’s nearly flat performance shows. There is an interesting development on the NASDAQ chart though. There’s a symmetrical triangle (aka ‘coil’) being built. (That link has an excellent article on symmetrical triangles.)

NASDAQ Daily Chart

The NASDAQ has no choice but to come out of that triangle in the next few days because the triangle is about to close. Obviously you’d want to play the breakout/breakdown.

You can also see from that chart that they NASDAQ has been trapped between its 200-day moving average (purple) and that upper trendline for about 3 weeks now. Those two line are also forming a closing triangle. It looks like the calm before the storm. Interesting times…