- The Nasdaq 100 went back and forth during the early hours on Tuesday as we continue to see a lot of resistance above.
- In the early part of the trading session, we got consumer price index numbers month-over-month that were a little cooler than anticipated, perhaps suggesting that there could be some rate cuts coming that the market doesn’t quite believe in yet.
Ultimately, I think most people expect at least one rate cut if not two, but the question then becomes, if inflation really starts to fall apart, will we see more? Ultimately, though, I think the Nasdaq 100 is following a completely different path in the sense that this is all about technology, and of course, technology is at the forefront of innovation and a lot of things that are going on right now.
Technology and Innovation
We have green technologies, we have artificial intelligence, and we also have a potential military buildup in the United States with a budget of $1.5 trillion, a lot of which will be going towards new technology. Short-term pullbacks should end up being buying opportunities, and I do think that the Nasdaq 100 is likely to be a big winner again in 2026.
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That being said, the 26,000 level is a significant barrier that we must watch, but clearing that could really send this market higher. It doesn’t take too much imagination to see a potential ascending triangle forming, and that would, at least in theory, have the market looking for somewhere in the neighborhood of around 28,000 or so. Ultimately, I just don’t have any situation where I’m looking to short the Nasdaq 100, and I do think that it’s only a matter of time before we end up breaking much higher.
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