Markets don’t generally go through a major resistance zone on the first try. Notice it took the S&P 5 tries before it could break through the 2015 high.

I think we can expect the same thing when the Nasdaq tests the all-time highs. It should pull back, and I expect it will take the rest of the markets down with it. Nasdaq will likely pull back to the 5,000 level.

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Gary Savage
The Smart Money Tracker

Gary Savage authors the Smart Money Tracker and daily financial newsletter tracking the stock & commodity markets with special emphasis on the precious metals market.

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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