How Gary Glover Identifies Nasdaq Resistance Levels Using Bear Market Range Squaring

Written by Christopher Hall, AdvDipFP | Authorised Representative, AFSL 526688 | Updated June 2026

Analysis sourced from Gary Glover (AR 259215), Authorised Representative, Novus Capital Limited (AFSL 238 168)

Gary Glover's range squaring technique identifies Nasdaq resistance levels by taking the full decline of the tech wreck — the Nasdaq composite's largest modern bear market, from its 2000 peak to its 2002 low — and projecting that distance forward as a measuring unit at 100%, 200%, and 300% above the recovery base. The result is a sequence of resistance zones that Gary Glover's anecdotal observation, developed across his trading career, suggests the index should encounter as each phase of the bull market extends. As of the 2 June 2026 session, the Nasdaq composite was trading above 27,000 — approximately 3% below the next projected target at approximately 28,000.

This article explains the methodology, how it differs from standard Fibonacci tools, the sequential validation it has produced across the Nasdaq, Dow Jones, and S&P 500 during the current cycle, what the 28,000 target means right now, what Gary Glover watches for when the Nasdaq reaches a major resistance zone, and what it means for ASX momentum investors.

What Is the Range Squaring Technique Gary Glover Uses to Read Nasdaq Resistance Levels?

Gary Glover's anecdotal observation, developed across his trading career, is that the most useful framework for reading where the Nasdaq should face resistance is not the standard Fibonacci retracement toolkit — it is the full range of the most significant bear market in modern Nasdaq history, repurposed as a forward measuring unit.

https://www.youtube.com/watch?v=ZKi7gv9i93Y

Gary Glover's range squaring technique maps Nasdaq resistance levels — and signals why 28,000 is the next key zone for ASX momentum investors.

Think of it like marks on a surveyor's tape. The full extent of the tech wreck — from the Nasdaq composite's 2000 peak to its 2002 low — becomes the unit of measurement. Every 100% of that same distance beyond the recovery starting point marks a zone where the market should encounter resistance. Gary Glover applies this to the Nasdaq the way a surveyor uses equal intervals to map terrain ahead: each mark is not a guarantee, but it is a reliable waypoint where the character of the market changes.

Range squaring is Gary Glover's term for this projection technique — taking the decline range of a major bear market and using it as a fixed measuring unit to identify forward resistance zones. The distinction from Fibonacci retracement matters. Fibonacci takes proportional levels of a single recent move — typically 38.2%, 50%, or 61.8% of a specific swing. Range squaring takes a historically significant range, one that represented a genuine supply-and-demand clearing event across the entire market, and uses multiples of that range to project how far recovery can extend before meaningful overhead supply is encountered.

Gary Glover's practitioner framing is that the 2000–02 tech wreck was the largest modern bear market the Nasdaq has experienced, and that its range therefore carries more weight as a measuring unit than any other period in the index's history. Each 100% expansion of that range represents a different phase in the bull market's recovery. This is a practitioner observation, not a formal study.

Drawing on Gary Glover's practitioner approach, developed across his trading career and synthesised from the 2 June 2026 session:

Step 1 — Identify the bear market range: Measure the full distance from the Nasdaq's 2000 high to its 2002 low. This distance becomes the measuring unit.

Step 2 — Mark the recovery base: Identify the breakout point where the Nasdaq began a sustained new bull run following the bear market bottom. This is the projection starting point.

Step 3 — Calculate the resistance zones: Project 100%, 200%, and 300% of the tech wreck range above the recovery base. Each multiple marks one resistance zone.

Step 4 — Apply the zones: Gary Glover's anecdotal observation is that the resulting zones — at approximately 37,500, 47,500, and 57,500 on the Nasdaq — have each acted as sequential resistance during the current bull run, holding before the market cleared each one and moved toward the next.

Step 5 — Monitor behaviour at each zone: The key signal is whether the market clears with bullish spacing — leaving room between current price and the prior high after the break — or stalls and overlaps, which Gary Glover identifies as early distribution behaviour.

The sequential nature of the zones is itself the validation. Over the current cycle, the 37,500 zone held as resistance, then cleared. The 47,500 zone held, then cleared. The 57,500 zone held, then cleared with bullish spacing. Each successful expansion confirms the methodology's forward projection for the next zone.

How Has This Technique Played Out Across the Nasdaq, Dow Jones, and S&P 500?

Gary Glover's anecdotal observation, developed across his trading career, is that the range squaring technique produces consistent results not just on the Nasdaq but when applied to the Dow Jones Industrial Average and the S&P 500 — each index assessed using its own historically significant bear market range as the measuring unit.

The Nasdaq: The progression through 37,500, 47,500, and 57,500 has been the clearest sequential validation. Gary Glover noted in the 2 June 2026 session that each zone acted as resistance before being cleared. When the 57,500 zone broke, Gary observed what he described as bullish spacing — the Nasdaq leaving visible room above the prior high after the break. In Gary's practitioner framing: "Left spacing on top of the previous high there as well — which is bullish... this is a market that could potentially take off." The next projected zone sits at approximately 28,000.

Remember that past performance is no guarantee of future results, and all trading involves risk.

The Dow Jones: Gary's application to the Dow identified 50,000 as a major resistance level. Christopher Hall opened the 2 June session by citing Jesse Livermore's principle — documented in Reminiscences of a Stock Operator (1923) — that round numbers function as psychological price levels, gathering both buyers and sellers at natural focal points. The Dow closed above 50,000 the week before the session, which Gary described as a sign of strength: closing above a major level, rather than touching it and reversing, is the distinction between a genuine breakout and a failed break. Gary's next projected Dow target sits at approximately 53,900, which he identified as the 300% range expansion of the relevant bear market decline. Prior to that, the 100% and 200% expansions had already been achieved during the run.

The S&P 500: Gary Glover observed that the S&P held at its own major range expansion resistance level for approximately two weeks before clearing it — a notably brief hold compared to prior zones. Gary described this as further evidence of aggressive momentum: a market in that condition typically pauses longer at a major level before resolving. The fact that it resolved in two weeks pointed to the strength of the underlying move.

Across all three indices, the same logic applies: each index's own historically significant bear market range produces actionable, sequential resistance zones. The IBD Power Trend — the three moving average conditions that signal when full market exposure is warranted — provides a complementary framework for calibrating position sizing against these resistance zones during the phases when they are being tested.

What Is the Next Nasdaq Resistance Target and How Close Is the Market?

Gary Glover's anecdotal observation as of the 2 June 2026 session is that the Nasdaq's next range expansion target sits at approximately 28,000 — the 300% projection of the tech wreck range — and that the market was approximately 3% below that level at the time of the session.

Three percent to a major resistance zone does not sound significant until the pace of the move is considered. Gary Glover noted in the session that 28,000 had appeared to be a distant target only four or five weeks prior. The intervening period covered the ground between the 57,500 zone and the current position — fast. Gary's observation from the session: "I didn't think we'd be, you know, four or five weeks ago. I just didn't think it was possible to get up here. So we've not only got up there, we've got there and fast time."

That pace shapes the question for ASX momentum investors. A market moving at this speed can close 3% quickly. The relevant analysis — based on Gary Glover's session commentary — is not whether 28,000 will be reached but what the market's behaviour will look like when it arrives.

Gary's framework gives two distinct scenarios. In the first, the Nasdaq clears 28,000 and leaves bullish spacing above the prior high, consistent with the pattern at 57,500, 47,500, and 37,500. In the second, the Nasdaq approaches 28,000, shows overlapping or churning price action without a clean break, and begins displaying distribution characteristics — supply entering the market at the projected resistance zone. In Gary's practitioner framing, the behaviour at the zone is the signal, not the zone's existence.

For broader context on where this Nasdaq advance sits within the 2026 cycle, the 2026 election cycle context provides the framework for understanding historically how the market has behaved in periods of this kind of concentrated upward momentum.

The analysis in this article draws on Gary Glover's 2 June 2026 session — including his live commentary as the Nasdaq sat approximately 3% below the 28,000 target. Members of the FMP YouTube Momentum Profile membership access the full session recording, giving members early access to the educational data discussed in articles like this one.

What Does Gary Glover Watch for When the Nasdaq Approaches a Major Resistance Level?

Gary Glover's anecdotal observation, developed across his trading career, is that at major resistance levels, two contrasting signals determine whether the market continues or tops: bullish spacing — the index clearing a level with room left above the prior high — versus distribution characteristics, including overlapping price action, volume divergence, and timing-based signals from the framework Gary calls the crash cycle.

The foundational question before analysing any resistance zone is which phase of the market is underway. Mark Minervini, two-time US Investing Champion, stated at the Trader Line Conference 2025:

"Are you in a bull or bear market? Are you in the early stages of a bull market or the late stages? What kind of traction are you getting in your own trading? That's the real key."— Mark Minervini, Trader Line Conference (2025)

For ASX momentum investors tracking the Nasdaq as the leading index, Minervini's question is not rhetorical — it is the filter through which resistance zone analysis becomes actionable. Gary Glover's read as of 2 June 2026 was that the market remained in an aggressive bull phase. The distribution characteristics that would signal late-stage exhaustion were absent. A market in blast mode, as Gary described it, is not one where a resistance level automatically signals a top — it is one where the behaviour at the zone determines the next phase.

Bullish spacing vs. distribution: Bullish spacing at the 57,500 Nasdaq zone — the market clearing that level and leaving visible room above the prior high — was the signal Gary Glover used to confirm the methodology's next projection. Distribution, by contrast, looks like overlapping candles at or just below the target zone: each rally attempt failing to make a new high, with volume on down days beginning to outpace up days. Gary associated this pattern with the 2024–25 top, noting it as the specific behaviour he would look for if the Nasdaq approached 28,000 and stalled.

The crash cycle: Gary Glover uses a timing-based framework — the crash cycle — to identify when a strongly trending market may be approaching blow-off conditions. This framework watches for specific timing intervals during aggressive runs, based on patterns Gary has observed historically. As of the 2 June session, Gary identified a potential crash cycle watch window opening in late June 2026 if the Nasdaq continued its current pace. Gary was explicit that this was a conditional watch framework, not a current signal: multiple conditions would need to align before it became active. As Gary noted, the 1999 parallel — his own recollection from trading through that period — is instructive. Markets can stay frothy far longer than analysis suggests is rational. Gary observed that bearish analysts had been publishing sell signals on the US market for three consecutive months leading into the 2 June session. The market had continued advancing throughout.

The practical implication for momentum traders is that fighting a trend at a resistance level without a confirmed distribution signal or crash cycle trigger is a poor tactical decision. The ASX sector rotation strategy Gary applies to identify turning points in ASX thematic cycles uses the same underlying logic: the market's behaviour at the zone provides the signal, not the zone itself.

Psychological price levels — round numbers, as Jesse Livermore observed across more than a century of markets — create natural gathering points for buyers and sellers. A gathering point is not a top. The Nasdaq's behaviour at 28,000 will be the signal.

What Does Nasdaq Resistance Analysis Mean for ASX Momentum Investors Right Now?

Gary Glover's anecdotal observation as of the 2 June 2026 session is that the Nasdaq's proximity to 28,000 is the most consequential near-term signal for ASX momentum investors — because the Nasdaq is the leading market, and its behaviour at that level will shape institutional sentiment across ASX technology and high-growth names.

The ASX itself is not tracking the Nasdaq move. Gary Glover's framing was direct: "We're more of an old economy — we dig stuff out of the ground." The ASX's weighting toward materials, resources, and financials means it is structurally disconnected from the AI and technology narrative driving the US indices. How ASX 200 stocks compare to US indices makes this structural divergence explicit — most of the ASX 200 sits in the small-cap bracket by US standards, further separating it from the Nasdaq's composition and its momentum drivers.

Despite that divergence, ASX momentum investors are not isolated from the Nasdaq's outcome. Gary observed early signs of base formation in several ASX technology names at the time of the 2 June session — XRO (Xero Limited), PME (Pro Medicus), SQ2 (Block Inc), ZIP (Zip Co), and TYR (Tyro Payments) among the names Gary noted were showing early bounce characteristics after extended declines. Some had produced what Gary described as zero, one, two, three patterns — days of narrow, declining-volume price action that signal exhaustion of selling pressure rather than continuation lower. This is relative strength as a leading indicator for ASX momentum stocks at the sector rotation level: the names that recover before the index confirm where the next rotation is forming. How sector rotation works in ASX thematic cycles provides the framework for tracking that rotation as it develops across the ASX.

The macro backdrop at the time of the session was reinforcing the narrative. Berkshire Hathaway's $10 billion investment in Alphabet — announced via private placement on 1 June 2026 (CNBC) — represented one of the world's most scrutinised capital allocators deepening a position built across three consecutive quarters into the company at the centre of the AI infrastructure buildout. Separately, Gary Glover noted in the session that Nvidia CEO Jensen Huang had commented during the week that AI was producing margin expansion — companies making more money — rather than the widespread unemployment that commentary had been projecting. Gary observed this statement drove a two-day bounce in US markets. These are macro signals, not trading triggers, but they form the environment in which the Nasdaq is approaching the 28,000 resistance zone.

In the energy sector, Gary Glover, Authorised Representative of Novus Capital Limited (AFSL 238 168), who reviews ASX momentum stocks in a recorded weekly session with Finer Market Points, disclosed during the 2 June session that he had purchased a position in Vulcan Energy Resources (ASX: VUL) the day prior. Gary's assessment of VUL's chart was that it had produced a successively smaller pullback structure across multiple cycles — consistent with a larger consolidation before potential continuation. Gary also noted the energy sector thesis and the absence of a geopolitical peace deal as the key risk context. This disclosure is made in accordance with the Gary Glover Source Disclaimer at the end of this article. No target prices or forward projections are discussed here — this is session disclosure only.

Christopher Hall's analysis of the ASX's structural position — trailing the Nasdaq by design, not by failure — suggests that the opportunity for ASX momentum investors lies in identifying the rotation signals Gary described: which names are starting to form structures while the US market approaches a key zone, and what changes in institutional behaviour at 28,000 would mean for local growth names.

Conclusion

Gary Glover's range squaring technique provides a systematic framework for reading where the Nasdaq should face resistance at each stage of recovery. The methodology — projecting 100%, 200%, and 300% of the tech wreck decline range forward from the recovery base — has produced sequentially validated resistance zones at approximately 37,500, 47,500, and 57,500 during the current bull run. Each held as resistance before clearing with bullish spacing; each clearance confirmed the next target.

As of the 2 June 2026 session, the Nasdaq sat approximately 3% below the 28,000 zone — the 300% projection and the next resistance target Gary Glover identifies as significant. The signal to monitor is not the level itself but what the market does when it arrives: whether it clears with bullish spacing consistent with the prior three expansions, or produces the overlapping distribution characteristics Gary associates with a late-stage top. Gary's crash cycle watch window for late June 2026 provides the timing overlay for that assessment. Gary Glover's full commentary from the 2 June 2026 session — including his real-time read on Nasdaq resistance levels as the 28,000 target approached and his crash cycle watch conditions — is accessible to FMP YouTube Momentum Profile members.

The analysis in this article draws on Gary Glover's recorded 2 June 2026 session and the broader FMP educational data framework. The FMP Momentum Profile is published daily and accessible to FMP YouTube Momentum Profile membership. Members receive early access to the educational data that forms the basis of articles like this one, including Gary Glover's full weekly session recording. For information on FMP YouTube Momentum Profile membership, visit the FMP YouTube Momentum Profile membership page.

Frequently Asked Questions

What is the range squaring technique in technical analysis?

Range squaring is a price projection method that takes the full distance of a major historical price decline — from its high to its low — and uses that distance as a fixed unit, projecting it forward from a recovery breakout point in equal increments. Each increment marks a zone where the market should face resistance. Gary Glover applies this to the Nasdaq using the 2000–02 tech wreck as the measuring unit, projecting successive resistance zones at 100%, 200%, and 300% above the recovery base. This is Gary Glover's anecdotal practitioner methodology, not a formal study.

How does Gary Glover use the tech wreck range to identify Nasdaq resistance levels?

Gary Glover takes the distance from the Nasdaq's pre-tech wreck peak to its 2002 bear market low and projects that distance forward from the recovery starting point in three equal increments. Gary Glover's anecdotal observation, developed across his trading career, is that the resulting zones — at approximately 37,500, 47,500, and 57,500 — have each acted as sequential resistance during the current bull run, with each zone holding before being cleared. This is a practitioner observation, not a formal study. Remember that past performance is no guarantee of future results, and all trading involves risk.

What is the next key Nasdaq resistance level and why does it matter for ASX traders?

Gary Glover's anecdotal observation as of the 2 June 2026 session is that the Nasdaq's next range expansion target is approximately 28,000 — approximately 3% above the index's position at the time of the session. For ASX momentum investors, this matters because the Nasdaq is the leading market: its behaviour at 28,000 — whether it clears with bullish spacing or shows distribution characteristics — will shape institutional sentiment across ASX technology and growth names. Remember that past performance is no guarantee of future results, and all trading involves risk.

What is the difference between a resistance level and a support level in trading?

A resistance level is a price zone where selling pressure is expected to slow or halt an advancing market — where supply consistently emerges to check price progress. A support level is the inverse: a zone where buying interest is expected to prevent further decline. In Gary Glover's range squaring framework, the projected levels function as resistance on the way up — zones where the Nasdaq should face overhead supply before either consolidating or breaking through to the next expansion target. Gary Glover's anecdotal observation is that once a resistance zone is convincingly cleared with bullish spacing, it often transitions to support.

What is the crash cycle Gary Glover refers to in his market analysis?

The crash cycle is a timing-based framework Gary Glover uses to identify when a strongly trending market may be approaching blow-off or significant top conditions. Gary Glover's anecdotal observation, developed across his trading career, is that this cycle sets up at specific timing intervals during aggressive runs — characterised by conditions similar to those visible before historical market peaks. As of the 2 June 2026 session, Gary identified a potential crash cycle watch window opening in late June 2026 if the Nasdaq continued its pace from the session date. This is a conditional watch framework, not a prediction. Multiple conditions would need to align before it becomes active.

Why is the Nasdaq the leading index for ASX momentum investors?

The Nasdaq contains the technology and high-growth companies that set the tone for global risk appetite. When the Nasdaq advances strongly, institutional capital flows into growth-oriented sectors — and that sentiment flows through to ASX technology, healthcare, and fintech names. Gary Glover's anecdotal observation is that ASX momentum investors should track the Nasdaq's behaviour at key resistance levels because the ASX's materials and resources weighting means the local index does not track the Nasdaq directly, but ASX growth names respond to the same global institutional risk tone that the Nasdaq drives.

How does Nasdaq performance affect ASX momentum stocks?

When the Nasdaq clears a major resistance level with bullish spacing, ASX growth names — particularly technology, healthcare, and fintech — typically respond to the improved global risk tone. Gary Glover's anecdotal observation is that the ASX's materials weighting means the two indices diverge at the index level, but momentum traders identifying the next ASX sector rotation opportunity should monitor the Nasdaq for signals of continued strength or emerging distribution. The impact is felt first in ASX technology names, then typically spreads to growth-oriented small caps. Remember that past performance is no guarantee of future results, and all trading involves risk.

Sources

This article is based on analysis and commentary provided by Gary Glover (AR 259215), Authorised Representative of Novus Capital Limited (AFSL 238 168), during a recorded market analysis session on 2 June 2026. Content has been edited and summarised by Finer Market Points for educational purposes. Gary Glover has not independently reviewed or endorsed this publication.

This content is for educational purposes only and does not constitute financial advice. Past performance is no guarantee of future results.

The information, opinions and other materials appearing on this website are of a general nature only and shall not be construed as advice. Finer Market Points Pty Ltd, CAR 1304002, AFSL 526688, ABN 87 645 284 680. This general information is educational only and not financial advice, recommendation, forecast or solicitation. This is not taxation advice. Rose Bay Equities accepts no responsibility for the accuracy or completeness of the information, opinions or other materials provided on or accessible through this website. This website has not been prepared with reference to your individual financial or personal circumstances. You should not rely on any advice on this website without first seeking appropriate professional, financial and legal advice. Further, where Rose Bay Equities makes third party material available or accessible through this website you acknowledge that Rose Bay Equities is a distributor and not a publisher of that content and that its editorial control is limited to the selection of those materials to make available. We accept no liability for any loss or damages arising from use.

Bibliography

1. Gary Glover (AR 259215), Authorised Representative of Novus Capital Limited (AFSL 238 168) — 2 June 2026 session with Finer Market Points. All Gary Glover observations in this article are anecdotal practitioner observations developed across his trading career — not formal studies.

2. Edwin Lefèvre — Reminiscences of a Stock Operator (1923) — Jesse Livermore's trading principles, including the psychological significance of round number price levels

3. Mark Minervini — Trader Line Conference (2025)

4. CNBC — "Berkshire Hathaway invests extra $10 billion in Alphabet, deepening bet on AI" — 1 June 2026: https://www.cnbc.com/2026/06/01/berkshire-hathaway-alphabet-investment.html ⚠ New source type — financial news article (CNBC). No approved citation format in FMP_Blog_Research_Framework.md Section 7. Standard journalism format used pending change protocol formalisation.

5. Related Finer Market Points Educational Resources:

   • Christopher Hall — What Is the IBD Power Trend? The Three Conditions That Tell ASX Momentum Traders to Be Fully Invested (2026)

   • Christopher Hall — ASX 200 Market Structure: How Australia's Top Stocks Compare to US Indices (2026)

   • Christopher Hall — How ASX Momentum Traders Identify Sector Rotation Opportunities Before the Catalyst Arrives (2026)

   • Christopher Hall — Why the Stocks That Fall the Least Are the Ones That Run the Hardest: Relative Strength as a Leading Indicator for ASX Momentum Traders (2026)

   • Christopher Hall — From Energy to Growth: The 3-Signal Framework Gary Glover Uses to Identify the Next ASX Market Leaders (2026)

   • Christopher Hall — Midterm Election Year Stock Market Cycles: The Complete Guide for ASX Traders in 2026 (2026)