Nasdaq 100 Weekly Chart/Nasdaq Volatility Chart.
Is the bull trend in tech about to end? What tech and its volatility index does in the next few weeks will go a long way to answer this question.
This chart looks at the and its on a weekly basis over the past couple of years.
The trend for the NDX remains up/bullish. No price action of late has changed this trend. It tested its September highs two weeks ago and, so far, those highs look to have held, forming a potential double top.
VXN movement has been shallow the past few months, as it remains inside of a narrowing pennant pattern.
What would stock bulls love to see? A breakout above the September highs and a break of support by VXN.
What would send a concerning message to stock bulls? A break of support at (1) and a breakout of the pennant pattern at (2).
With the election, one week away, which direction the NDX and VXN head over the next couple of weeks, should send a very important message from leadership.
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