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The Exchange: The NASDAQ 100 Partying Like It’s 1999

The red highlights in the lower panel point out that, as of the close on Friday, the NASDAQ 100’s A/D Line is testing its March and August 2000 all-time high. The chart shows that this historic frothy extreme preceded a major peak in NDX 13 years ago, and warns that this over-extended condition could help to trigger a corrective decline in the index now.