Mar 9, 2015

Nasdaq: A Key Reversal

We had a beat, a stronger than expected jobs number and the Dow Jones Industrials Index closed off almost 300 points.

The weakest technically was the Nasdaq. The Nasdaq traded above 5,0000 for the first time in 15 years on Monday, it closed above 5,000 too. But it closed not only down for the week, but it was an outside week. We took out last week`s high and closed below last week`s low. Now, from a technical pattern, that is called a key reversal and its a very bearish sign for that index.

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.

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