The NASDAQ 100 is breaking out today, clearing the 4,000 big round number barrier for the first time since 2,000. This brings to an end a month-long consolidation and signals that start of a new upleg that could potentially test 4,160 based on a measured move from the recent trading channel. The 4,000 breakout point may emerge as new support as often occurs on breakouts. The RSI has broken out of a downtrend, signalling an upturn in momentum that appears to be accelerating. The NASDAQ has had a strong run in the last year, up 30.7% from a year ago and 11.8% so far in 2014. It is currently carrying a 22.9 P/E which is pretty much in line with the 22.2% EPS growth rate of the underlying companies. Based on this, the NASDAQ appears to be tracking in line with growth but with its higher weighting in technology stocks, it can be more volatile in both directions than some of its peers.