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$13,000.00 is certainly a huge level for the Nasdaq Composite Index.  This key area held multi week lows in January and is now providing solid support following the recent pullback.  Why is the $13K area important?  The 2020 high is very close, a high that was set the last week of the year.  It is also the zone of a 1/3 retracement of the powerful rally(+30%) off the Oct/Nov lows.  

Back in early September a very similar bull channel gave way.  At the early September peak the Nazz had gained 80% off the March lows.  In early April the index began tracing out a very similar bull channel.  The pullback that followed was well contained within a narrow consolidation pattern.  It wouldn’t be until late November that the Nazz reached new rally highs.  

Is a repeat coming?  Hard to say but one thing for certain, the $13,000.00 area is key.   

Of note, while the $SPX and the $DJI put in new weekly lows during today’s early going, the Nasdaq Comp did not.