Nasdaq’s Bullish Pennants During The Last 30 Years

Nasdaq appears to be forming a new bullish Pennant pattern on a daily chart. I decided to review the last 30 years of the Nasdaq’s price action to identify similar bullish pennants. My goal was to assess the odds of a bullish continuation if NDX breaks out from this pattern in the coming days / weeks. While doing my research, I noticed that this specific pattern hasn’t occurred too often in the past but when it did, higher prices usually followed (one clear exception was 1997).

2020 — Bullish Pennant; No Break Out Yet

2019 — Very Bullish Action After a Break Out

2009 — Very Bullish Action After a Break Out

2003 — Bullish Action With Lots of Chop After a Break Out

1999 — Bullish Action With Lots of Chop After a Break Out

1997 — Failed Break Out

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