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The NASDAQ 100 is an indicator of risk appetite that a lot of people will be following closely for September. After all, September is a little bit different than many other months, as there is a surge of volume coming back in, as the trading public comes back from summer vacation. Because of this, the early part of the month of September will probably be very choppy.
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Beyond that, the first month day of the month is the Non-Farm Payroll announcement, so it does suggest that perhaps you can’t read too much into the very beginning of the month. Furthermore, the following Monday will be Labor Day in America, so we really don’t get back to business until the middle of the week. At that point, it’ll be interesting to see how things play out, but it’s obvious that the market favors the upside in general.
- Keep in mind that the NASDAQ 100 is a major index as far as “putting money to work”, as there are a handful of stocks that seem to be driving everything.
- Whether or not we go back to the “AI narrative” will have a lot to do with what happens here, but the overall attitude of the market looks very positive from the technical analysis standpoint.
- After all, it looks like on the weekly chart we are forming a bit of a bullish flag, and therefore I think the signal as to whether or not we are going to continue to go higher would be a daily close above 15,900.
- If we can break that area, then the 16,000 level obviously causes a bit of resistance but opens up the gateway to the market going much higher, giving an opportunity to hang on for what could be the next couple of months.
On the other hand, if we do pull back, the 14,600 level could be an area that attracts a lot of support, followed by the 13,750 level where the 50-Week EMA comes into the picture, and I do believe that is the “bottom of the overall uptrend. As long as we can stay above there, then the market is likely to continue to attract buyers. However, if we do see the market breakdown below there, then it could lead to a much deeper correction. The question is whether or not the narrative can hold between now and the end of the year, because right now it looks like everybody’s excited about the possibility of the Federal Reserve slowing down monetary tightening, which also has money looking for hot stocks like the ones that make up most of the movement here.
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