It appears the Nasdaq 100 vs Gold ratio backtested a long term neckline in December 2018. If this backtest holds, historical record indicates a possible revisit to the 2000 peak ratio of 17.0, when the Nasdaq 100 was valued 17 times greater than the price of Gold.

A retest of the 17.0 ratio level while Gold remains static at 1285 implies an upside target valuation of 21845 for the Nasdaq 100. This is 236% higher than the Nasdaq 100’s current valuation of 6485.

As long as the backtest holds and the NDX:GOLD ratio remains above that 20 year support line, consider me an NDX Bug on the windshield of the next Tech Bubble rocketship! -Harry