Nasdaq Composite Index (2350)

I have maintained a positive outlook for Nasdaq since early September, but I did expect to see a brief short term correction in this uptrend sometime during the month of October. Instead, we appear to have nudged up against resistance at the April/06 high of 2375.

Over the short term, I see no reason why we should not reach for intermediate term channel resistance in the area of 2430.

The intermediate term outlook remains positive.