NASDAQ: Knock! Knock!

The NASDAQ finished out the year knocking on the door of an upside technical breakout of the Double Ascending Triangles, or a Cup And Handle, if you will. The Bulls still need to knock out 1603. If they can, the 1679 gap from November 5, where the Bulls failed on the November 10 "Gap To Crap," would be a minimum rally expectation.



We can see in the Ichimoku Kinko Hyo chart ("At A Glance...The Table of Balance") that the Bulls have penetrated the Kumo (Cloud) resistance, represented by the vertical red lines. The top of the Kumo (Cloud) currently is 1689, so 1679-1689 looks to be on tap if the Bulls can break out of the patterns.



Recall that the 55/89 RSIs that we've been watching both already had broken out of their own Ascending Triangles, on December 16. They're leading price, which hasn't broken out yet. Those RSI's came into Bullish Synchronicity twice after their Ascending Triangle breakouts, indicating internal strength, which resulted in the biggest 2-day year end gain in over half a century. They've bounced higher on the rally and still are good to go, if price wants to cooperate.