In early futures trading this morning the Nasdaq 100 continues to climb upwards and explore higher territory, this as financial institutions and large players create buying momentum.
The Nasdaq 100 at this writing is near the 30,700.00 ratio with fast results being seen via the futures markets. Yesterday’s Nasdaq 100 turned in fractional gains and finished around the 36,660.00 ratio. The party continues on U.S indices and the Nasdaq 100 is the main character for many financial institutions as they pile into the index.
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Conservative traders and technical speculators who have not participated in the recent climb of the Nasdaq 100 are possibly looking at the results and mumbling that the index is too high. Perhaps these same traders even believe it is time for downside price action to be demonstrated as some profit taking or shifting perceptions of global affairs take place and cause harm. Unfortunately for them, large players and financial institutions have been conducting a buying frenzy since late March.
Momentum Needs to Stop at Some Point Supposedly
Fundamentals for the Nasdaq 100 have seemingly been thrown out of the window regarding the math dynamics and values being attained. This morning’s additional move higher early has occurred after news from the Middle East that the U.S and Iran exchanged heavy military fire towards each other, this as the fragile ceasefire remains in place. Financial institutions seem oblivious to the Iran war. WTI Crude Oil prices remain elevated with futures prices over $93.00.
Yet, the Nasdaq 100 continues to climb. Why? Day traders need to understand behavioral sentiment to get a real gauge on current buying. Folks actually appear to be concerned about missing out on the ride upwards. Perhaps the express elevator is slowing, but people continue to push buttons for higher floors. Yes, at some point buyers may run of out power, but the trajectory up has hypnotized many market participants.
Betting in the Nasdaq 100
Again, technical marks in the Nasdaq 100 are of interest as barometers. If the Nasdaq 100 can sustain values above the 30,700.00 mark when the cash market opens in a few hours, this may propel more buying.
Yes, the Nasdaq 100 is extremely high considering it was below 23,000.00 on the 30th of March.
However, FOMO is driving the electricity in the Nasdaq 100.
The gains made recently in the index do not match the momentum seen in previous weeks.
But betting on reversals lower in the Nasdaq 100 for the moment seems like something that should be reconsidered by speculators, unless they are using technical charts that predict some momentary downside motion.
No, the Nasdaq 100 will not be a one way avenue higher, and it remains dangerous, but why bet against the current trend?
Nasdaq 100 Short-Term Outlook
Current Resistance: 30,705.00
Current Support: 30,670.00
High Target: 30,870.00
Low Target: 29,580.00
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