Can Nasdaq go to new all time high.....

Nasdaq has been UP 5 weeks in a row, the question is, can it go to new all time high. Here is RSI comparison of major indices :

Dow RSI @ 59.32

S&P 500 RSI @ 64.16

Nasdaq RSI @ 70.00

As you can see that RSI in Nasdaq is @ its highest level in 5 months, normally this would have resulted in an immediate pullback, BUT this time pullback may not happen @ 70 level.

Nasdaq closed @ 5162.13

All time high 5231.94

Nasdaq needs only 69.82 points to make it into new all time highs or 1.36% move.......

As we have just witnessed this week that AAPL,FB AMZN & GOOG had outstanding earnings, there is a high probability that Nasdaq momentum continues this week.

I am expecting Nasdaq to hit all time highs by Thursday of this week, it will be interesting to watch how RSI goes higher than 70 range.....

RSI like any other technical indicator, can have abnormalities both on the low side like below 30 or high side like above 70....its all very subjective, being a close follower of RSI, this is the only times i feel, that we go well above trendline....shall see by Thursday of this week.

It has been a stock pickers market and those who do not change with the flow have not fared as well.

Trend has been very well defined, strong companies are performing very well.

Stock market is all about taking risk, sometimes it pays more to go into risky format like buying before earnings report, some like to buy after earnings report, which limits the gain, but allows you to sleep well @ night.

There are many ways to trade this market, i have my comfort level with my approach, may look reckless or too aggressive but results are there to justify my risk taking.

This season earnings reaction has been positive 9 out of 10 picks, not bad @ all.

TSLA earning is coming UP, they are expecting 7% move UP or Down......take your pick......I may join in.......

Good luck with your own trading style and comfort level.

BLOG does NOT give buy or sell.

Saleem