Chart of the Day - Wednesday, February 1st, 2023

Today’s Chart of the Day was shared by Alan Cohen (@al_xdpg). It's a weekly candlestick chart of the Nasdaq 100 ETF ($QQQ) over the past 16 years. The Nasdaq is up 13% to start the new year after dropping more than 30% last year. It closed at a 4-month high today, and it recently reclaimed both its 200-day moving average and the downtrend line from its peak. Despite a dismal performance last year, Alan points out that the Nasdaq managed to respect the uptrend line that connects the 2009/2020 lows. Was last year's decline just a pullback within a secular uptrend?