I refer to my post of March 11 where I mentioned that the Nasdaq index was at a critical juncture: the index had to break out above the downtrendline that had started in 2000 to be able to continue its move higher. We are now seeing that a fake breakout occurred: the index went above the trendline for about a month but then reversed its rising trend. See the monthly chart above. We are now getting the indication that the secular bear market that started in 2000 might be on its way to continue.
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