A quick trip through recent Nasdaq resistance (R) and support (S) levels...
1st high in late Feb failed to hold as support.
That level was backtested in April, re-tested, but then failed in May.
The highs set in April were backtested last week and initially failed as support. That level was tested again this week and support was found.
So you may be wondering if where we are now will play out like April/May?
Maybe. But one key difference between then and now, is that April had a very strong impulsive runup that left behind some large gaps, which were likely to get filled. So the odds of pulling back from the new highs were pretty good. Whereas now the Nasdaq has arrived by a more sustainable path.
