11 of 12 days have reached new intraday all-time highs
The NASDAQ index traded to a new session high of 11931.316. In the process the index got close to a topside channel trendline that cuts across at 11934.46 for the index. The price has rotated back down over the last few minutes and currently trades at 11919.
The NASDAQ index has made all time intraday highs on 11 of the last 12 trading days. The index is up a comfortable 143 points today. It will be a another record close for the NASDAQ barring a collapse in the last 45 minutes.
Nevertheless, like the S&P -which is also close to a topside trendline at 3525.57 (the high price just reached 3521.26)- traders who are looking for a technical level to lean against that will define and limit risk, topside trend lines can do just that. As a result keep the level in mind for both the NASDAQ and S&P (it moves higher after the close each day).