Chart of the Day - Monday, December 30, 2024

🏆 Today's Chart of the Day was shared by Yuriy Matso (@yuriymatso).
 

• Over the past two weeks, Nasdaq 100 futures have coiled into a tight Triangle pattern, setting the stage for a meaningful resolution in either direction as we enter the new year. 
   
• Clearing 22,222 would confirm a breakout while violating 21,000 would confirm a breakdown. Either way, the Nasdaq is nearing a decision point. 
   
• Consolidation patterns typically resolve in the direction of the underlying trend, which, in this case, is higher. However, when they don't, it often indicates trend exhaustion. 
   

The Takeaway: The Nasdaq 100 is coiled up for a big New Year's resolution.