I am wondering if the NASDAQ intentionally waited for 2015 to make an attempt at a monthly close above 4,800? It came close to achieving this at the end of last year but couldn’t quite print a monthly close above this key S/R level. Has the index got this NY resloution in its sights for 2015?

The 4,800 level is a psychological barrier for the NASDAQ marking recent highs and those from from back in 2000.

NASDAQ monthly: showing the significance of the 4,800 level:

Any new close above this level might enable this index to follow in the steps of the S&P500 and DJIA. These indices have already broken through their previous highs:

S&P500: has already broken above 1,600 highs:

DJIA: has already broken above 14,000 highs:

NASDAQ weekly: price is still well above daily and monthly support and is still peppering away at the 4,800 level for the time being:

NASDAQ daily: there has been the odd daily close above 4,800 but no monthly close as yet:

The Ichimoku charts are worth considering here again too.

NASDAQ monthly Cloud: there is an open long signal still on the monthly chart:

NASDAQ weekly Cloud: there is a new bullish Tenkan/Kijun cross on the weekly but the Kijun-sen is still flat for the moment so the signal is not valid. It might not take much to get this going though:

NASDAQ daily Cloud: the index has moved back above the daily Cloud and traders would be well advised to watch for any new bullish Tenkan/Kijun cross. A new cross above the Cloud would be deemed a ‘strong’ bullish signal:

Summary: traders would be well advised to watch for:

• any new daily chart bullish Tenkan/Kijun cross as this would be a ‘strong bullish’ signal.
• the weekly chart Kiju-sen line to tick upwards thereby activating the weekly chart’s ‘strong bullish’ signal.
• any monthly close above 4,800 as this would be a bullish signal and suggest continuation.