Written by Rick Ackerman, Rick’s Picks
The chart shown below implies that Dot-Com Mania II could have a ways to go before the bubble pops. There are no guarantees that the 6185.00 target will stop the tech-heavy index in its tracks, but it can serve for now as a minimum upside objective.
Today’s selloff did no technical damage to the daily chart, and even the hourly barely got ruffled. If sellers get second wind to end the week, though, and the Mini-Naz falls beneath October 6’s low at 6037.50, that would be cause for mild concern. Otherwise, expect to see it bounding higher shortly, driven by AMZN, AAPL, GOOG and PCLN, all of which have taken an unsurprising breather lately.
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