In late December 2021 and early January 2022, Nasdaq Composite index gave us a subtle clue or "tell" by not making new highs, unlike the DJIA and the S&P 500. This was valuable information for investors if you follow my columns here on Real Money.
Let's check out a couple charts of the Nasdaq Composite and some of my go-to indicators to see if this is the index to watch closer.
In the daily Japanese candlestick chart of the Nasdaq, below, I can see a cautionary picture. Prices made lows in October, November and December. Prices have rallied so far this calendar year but trading volume, while it has improved in January, does not look all that impressive when compared to the rest of the time.
The On-Balance-Volume (OBV) line does show a rise in January but from a new low for the move down in early 2023. The 12-day price momentum study shows equal highs in January and February even as prices have made higher highs. This is not a major bearish divergence but it still is a divergence and should not be ignored.
Weakness below the lows of Monday and Tuesday could precipitate further declines. 
In the weekly Japanese candlestick chart of the Nasdaq, below, I see a less-than-robust picture. Prices are above the 40-week moving average line but its slope is still negative.
The weekly OBV line shows a jump higher but it was preceded by a longer decline. The Moving Average Convergence Divergence (MACD) oscillator shows improvement but still has not yet crossed the zero line.
In this weekly Point and Figure chart of the Nasdaq 100 index, below, I can see a nearby upside price target of 12,877. It looks like plenty of upside resistance overhead. Maybe the path of least resistance is down.
Apple ( AAPL) is the biggest weighting in the Nasdaq so for "shorthand" reasons we need to keep an eye on it. In this daily candlestick chart of AAPL, below, I am focused on the $148 level on AAPL shares. A close below $148 could precipitate further weakness in AAPL and the broader average.
Bottom-line strategy: I think the phrase is to keep your head on a swivel.
