NASDAQ 100 Technical Analysis
The NASDAQ 100 initially pulled back just a bit during the trading session on Friday, but it has turned around the show sign to life again, near the 18,500 level. This is an area that is of course going to cause some psychological interest. But with that, I think you also have to understand that the market’s in an uptrend and that’s really what matters.
So, with this, you have a situation where the market could find plenty of support down at 18,300 as well. We’ll just have to wait and see how that plays out. But really, I think at this point in time, you have to understand that the uptrend has been ensconced for so long that there’s no real reason to think that we are going to change the trend very easily.
Inflation numbers coming out, of course, will have an influence, but at the end of the day, I don’t see any reason why we don’t eventually go to the highs for the NASDAQ 100 again. If we do fall from here, the 17,850 level is essentially your floor in the market, at least for the short term. Keep in mind that this is not an equal weighted index, so pay attention to all the handful of stocks that everybody else owns.
As long as the market remains so concentrated in just a handful of names, it’s almost impossible that the NASDAQ 100 would fall for any significant amount of time.
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This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
