NASDAQ 100 Technical Analysis
The Nasdaq 100 has rallied a bit during the early part of the trading session here on Wednesday, as we are testing the recent all-time highs. Ultimately, it does look like we are going to try to break out to the upside given enough time, and we are stretching. That, of course, is something that might need to be corrected slightly. We’ll just have to wait and see, but I think you’ve got a situation where traders are just simply looking at this through the prism of a market that’s in an uptrend, and they are trying to get ahead of those interest rate cuts coming out of the Federal Reserve.
Dow Jones 30 Technical Analysis
The Dow Jones 30 has done almost nothing in pre-market trading. So, I think at this point in time, you have to look at it through the prism of a market that might be a little exhausting. Short-term pullbacks would make a certain amount of sense, but I think those only get bought into anyway. I believe that the 45,000 level is an area that should remain somewhat attractive for those looking to find a bit of value. Ultimately, I believe that traders are looking to find value when it occurs, but right now we’re just being squeezed trying to figure out where to go next.
S&P 500 Technical Analysis
The S&P 500 has broken to a new all-time high during pre-market trading, but we will have to wait and see whether or not we can continue this momentum. I do believe that’s very possible, and therefore I look at this through the prism of a market that is doing everything it can to get to the 6,600 level, and short-term pullbacks are possible, they’re more likely than not going to be thought of as value propositions that people will be more than willing to take advantage of in what’s been a very strong up trending channel.
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