Is the pullback on the Nasdaq an entry opportunity for a continuation of the uptrend, or is it an exit signal because the trend is about to fail?
Answering the question is where chart and technical analysis is essential. It's useful to approach this from two different time perspectives. The monthly chart gives a good analysis of the secular, or dominant, underlying trend. The weekly chart helps to develop the trading tactics.
The breakout above 2900 in 2012 February was the first move to make new six year highs. The general Nasdaq uptrend continued for most of 2012.
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When the Nasdaq moved above 2900 in 2012, it broke above the strongest resistance level on the Nasdaq index. In October of 1999, the Nasdaq paused briefly near the 2900 level and then it moved rapidly upwards to the peak high of 5132. This 71 percent rise was later called the internet or tech bubble.
From the high of 5132, the Nasdaq collapsed to below 2990 and took another two years to reach the turning point low of 1329 in 2002 at the bottom of the downtrend.