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A Break Above a Major Trendline in the NASDAQ Leads to a Strong Rally
Like I had mentioned in the premium chat, strength in GOOGL, AMZN, FB, and NFLX has led to a major breakup in the NASDAQ. Many traders had bet on a continued move down under the 200 SMA in that index, and when it broke up instead, all the bears had to cover. Now short-term overbought, the indexes need to show how well they work off this overbought condition.