NASDAQ 100 Continues to Power Higher
Underneath, I believe that the 15,250 level continues to be a major previous resistance. That now has quite a bit of “market memory” attached to it, meaning that we could see traders look to it as a bit of a short-term floor the market. If that’s going to be the case, then it’s probably only a matter of time before we go much higher. When I look at this chart, you can make out a pretty obvious ascending triangle, which also had a ceiling near that level.
With that in mind, I believe that we have a situation where it’s only a matter of time before traders come back in to chase the momentum that we have seen. I have no interest in shorting this market, despite the fact that the actual underlying economy is probably tepid at best. I do believe that we will continue to see plenty of volatility, but it’s obvious to me that the buyers have the upper hand, and as long as that’s the case, there is no reason to fight the overall trend. With this, the 50-Day
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