COMPQ Nasdaq Weekly Chart Price Prints Above 4500 at 14-1/2 Year Record Highs Price Extended Overbot Rising Wedge Negative Divergence

The Nasdaq moves above 4500 as traders toast the Fed for the never-ending upside market orgy that would make Caligula blush. The Nazzy is at 14-1/2 year highs now at levels not seen since March 2000 when the dotcom bubble burst. The wine is flowing like water as traders high five each other each day and rape the market upside with the Fed's easy money. Too bad the other half of America suffers through unemployment and underemployment. There are winners and losers every day in the big city.

All the euphoria aside, the red lines show a rising wedge pattern (bearish). Stochastics are overbot (indicating a reversal is nearing) and the RSI is coming off overbot levels. The red lines for the indicators show negative divergence across the board (wanting to see a price spank down). The red dots show what happens when price is way extended above the moving averages and the green dots show what happens when price is way extended below the moving averages. What do you think is going to happen moving forward? This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.