The Nasdaq 100 is up a bit during the early part of the trading session on Wednesday, but the 30,000 level continues to be a bit of a ceiling at the moment.
NASDAQ 100
The Nasdaq 100 is up a bit during the early part of the trading session on Wednesday but still struggles a little bit with the 30,000 level. The 30,000 level has been a bit of a barrier as of late, but it also has been broken above in the past, so I don't think it's the be-all, end-all line of death if you will, but it certainly is an area that is worth paying attention to.
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The market is forming something akin to a bullish pennant, and the futures being firm overnight during the overnight session is a good sign as infrastructure earnings re-buy the tech field.
Market Drivers and Tech Rally
The CPI number coming out basically as expected got that out of the way, and there isn't as much fear out there when it comes to sudden extreme tightening by the Federal Reserve. One of the biggest movers right now is CoreWeave, up almost 20%, and Super Micro is up by 9%.
There are some major players out there; the usual suspects are rising as well. So, for example, you have Nvidia, Micron, and Cisco all up a few percent, and that does tend to lift the market in general. The markets continue to drift higher, but in a controlled manner at the moment.
This is an AI-led tape at the moment, but if we can clear this 30,000 level, that could open up quite a bit more upward momentum. In the meantime, I like buying short-term dips. I continue to remain bullish of the NASDAQ, as the markets continue to look for any reason it can to rise over the longer-term.
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