Nasdaq's Test Will Be Its Last
Tim Knight | Jun 28, 2017 10:55AM ET
The market — especially the high-tech-laden NASDAQ — was in full-blown swoon mode last night, but around the level 5640, it found the same support it had found twice before. The powers that be aren’t too keen on red quotes on their screens and sure enough, Goldman Sachs (NYSE:GS) fell over itself to produce a report projecting the S&P 500 a full 100 points higher at year's end.
All the same, I suspect this third test of the support shown below will be the last. Just one more bit of meaningful bad news will push us lower, enough to magically change the role of that line from support to resistance.
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