- During my daily analysis of the US indices, the NASDAQ 100 of course continues to shine when it comes to the sector of assets, due to the fact that the NASDAQ 100 of course continues to be the place where momentum shows up.
- After all, US indices tend to be based on momentum more than anything else, and the fact that the NASDAQ 100 gets pushed around by just a handful of stocks has a lot to do with what we are seeing here.
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Technical Analysis
The technical analysis of course is very bullish, as we have cracked above the 22,000 level, an area that I figured we were trying to get to by the end of the year. Now that we are breaking above there, the market is likely to continue to see more “FOMO trading.” Short-term pullbacks at this point in time will more likely than not end up being buying opportunities, with the 21,000 level underneath is a significant level of interest in the past, with the 50 Day EMA sitting just below there. In general, this is a market that I think continues to see a lot of interest, as traders are trying to chase performance now that the end of the year is coming, and people will have to do what they can to impress their clients.
Short-term pullbacks will almost certainly end up being a buying opportunity, and the 21,000 level at this point in time is going to end up being the “floor in the market”, as it is an area that has been important multiple times. If we were to break down below there, it could change a lot of things but right now I just don’t see that happening. The 23,000 level above will end up being the next target, and I think we will probably get there quicker than we would have thought originally. In general, this is a situation where we will see a bit of noise from time to time, but I think it’s probably only a matter of time before we go much higher.
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