Nasdaq Bull Flag Targets 3000 Nasdaq

The Nasdaq Composite has formed a bull flag here which measures to 3000. Would that surprise a few people? Is the market full of surprises?

The QLD - Ultra QQQ Proshares broke it’s trendline resistance intraday on a 5-minute chart. The double bottom and higher low helped set the trade up. First entry came on the change in trend, but I didn’t take that. A second entry presented itself with a base breakout. Bottom of the base becomes the stop. Target becomes the top of it’s flag on the daily.

The bull flag is offering a little trading range here, which is acting as support and resistance. Options expire tomorrow.