Nasdaq Continues to Press Higher
appetite. With that being the case, we probably have a situation where market participants would be wise to scale into a position, perhaps adopting more of a “buy on the dips” mentality. It’s not that the NASDAQ 100 can’t go straight up in the air, it’s just that there are a lot of concerns with global growth at the moment and of course tight monetary policy.
Keep in mind that there are only 7 stocks that tend to move a majority of the NASDAQ 100 index, and therefore you have to keep in mind that it is not an equal-weighted index you are looking at.If you can keep an eye on Microsoft, Amazon, Tesla, Facebook, and a handful of others, then it will give you an idea as to where the NASDAQ 100 is more likely than not going to run. If the “generals get shot”, that will be the end of the line for the NASDAQ.
Furthermore, I would anticipate that the 13,200 level underneath is a support level that a lot of people will be paying attention to, so one would assume that there will be a significant amount of interest in that region as well. That being said, it is a market that is extraordinarily volatile, and of course, we have to worry about the debt ceiling causing chaos as well. More likely than not, the US government will continue to honor its commitments, but the longer it drags out in Congress, the more likely it is to cause a lot of hesitation.I believe that the NASDAQ 100 will go looking toward the 13,750 level. As a result, I like the idea of buying dips on the way out.
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