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Updated NAS Chart.

Updated NAS Chart.

Here is an updated NAS 100 chart using the E-mini as that is what I am primarily using to trade this these days. Price broke out to a new ATH today negating the bearish harmonic I have been watching. See previous posts. The price action has been extremely bullish , but at the same time somewhat parabolic. I have drawn in the the Fib extension levels I will be watching. Although the NAS has clearly broken out the 1.13 FiB level should be watched closely as it is a level that I use to confirm breakouts. If the breakout is going to fail I have found it will do so at that level. Above that level, however, price can really go on a bull run. Personally I would like to see some consolidation for a while and a pull back. It would build energy for an extended run and allow many of the overextended stocks to pull back to better prices. It will be interesting to see how things play out.

Of note. This huge move in the NAS has been primarily driven by a small group of large caps like the FANG stocks and TSLA . I have been focusing on these names because that is what is in favour right now. Watch them closely for clues at to where we go from here. Hopefully we see some rotation back into the growth names.

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