NASDAQ and Silver
The NASDAQ 100 is still having a difficult time going above 2,400 since the “internet bubble” burst in 2000. The high of the NASDAQ was 4,816 during the “internet bubble” era and when the bubble burst, it fell to a low of 795, a loss of 83.49 percent. Eleven years later, the NASDAQ has managed to make back about 30 percent of the losses. Even though the road to recovery is very slow, the overall outlook in the NASDAQ remains positive. During the 2008 financial crisis, the NASDAQ performed better than most other equities indices. Good long-term support comes in 1,740 and resistance at 2,400.
Silver is testing the $31 support level at the moment. If this support breaks, the next important support is $25 which is also on the upward trend-line of this major “bull run” from $10. The high of this bull market was $49.48 and since the 50 percent technical correction, Silver is stuck between the $30 to $35 range. No firm conviction in the next direction, but if Silver follows Gold’s movement, then bias will be to the upside as well.
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