At the end of the day, the NASDAQ 100 continues to squeeze higher-
, while I see the 13,750 level as the target the market is trying to reach eventually.
That does not necessarily mean that we have to get there in a straight line, but it certainly looks as if we are going to continue to see a lot of back and forth and perhaps a lot of momentum building in the meantime. This would make a certain amount of sense, considering there’s much uncertainty out there. As usual, the NASDAQ 100 is driven by a handful of stocks, so as long as you can keep an eye on Meta, Alphabet, Tesla, and a few others, you will have an idea of where this market is going.
Perhaps this is due to the fact that the bond markets have shown so much volatility that the traditional safe haven of government paper may not be where a lot of money is flowing in this environment. If we were to turn around and break down below the 13,200 level, then it’s possible that we could see the market drop down to the 50-Day, which sits just below the 13,000 level. After that, we have the 12,800 level, an area supported more than once. Because of this, I would also expect a lot of noise in that area.
At the end of the day, the NASDAQ 100 continues to squeeze higher, but the phrase that you need to pay particularly close attention to is the fact that this is more of a grind than an explosive move to the upside. Furthermore, for what it is worth it seems like once the Europeans go home, the Americans have been a little bit more aggressive in both directions.
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