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Where Will the Nasdaq Go Next? It Depends on Apple

Driven by five major technology stocks, including Apple Inc. ( AAPL ​), the Nasdaq 100 outperformed the market through the spring and into the summer, but for the last six weeks, the index has been trending sideways in consolidation mode.

Along with other major indices around the world like the Dow Jones industrial average and Germany's DAX, the Nasdaq 100 has been attracting renewed interest this week.

This retest could end in a big breakout to all-time highs that would signal the start of a new upleg, or a double top that could leave the Nasdaq 100 vulnerable to another correction.

Whether this test ends in a breakout or a top may depend on how traders react Tuesday to news from Apple, which is the index’s largest component stock.

Although the Relative Strength Index ( RSI ) has been climbing, indicating increasing short-term momentum, it has approached overbought territory and a negative divergence has emerged suggesting that the longer-term uptrend may be slowing.

READ MORE (Investopedia)

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  • Apple (AAPL) Up 7.6% Since Earnings Report: Can It Continue?Nasdaq
  • For Apple's Stock, This Technical Analyst Sees A Path Toward $180 Per ShareBenzinga
  • Stillwater Capital Advisors Boosted Apple (AAPL) Stake; Xencor (XNCR ...ExpressNewsline

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Where Will the Nasdaq Go Next? It Depends on Apple


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