The NASDAQ 100 has rallied slightly during the session here on Monday as we are clearing the 30,000 level.
NASDAQ 100
The NASDAQ 100 has rallied slightly during the session here on Monday as we are clearing the 30,000 level. We've seen a little bit of volatility during the day as headlines come out about the Middle East and the problems therein.
Supposedly, the United States and Iran were supposed to be closer to a 60-day ceasefire again, but now the Iranians have shifted from a defensive to a fully offensive posture and deny that there are any back-channel communications with the IRGC, the military wing of the government. Ultimately, this is a market that I think continues to try to look past the Middle East. I think there's a bit of exhaustion when it comes to dealing with it. Quite frankly, I think some traders are just ignoring it altogether. That doesn't necessarily mean that's prudent, but that's the world we live in.
Technical Breakout and Upside Targets
Being above the 30,000 level suggests that we have broken a major barrier. The fact that we've held above that is also a good sign. And now, it looks like the 30,600 level might be the real prize as traders try to get back to the recent all-time high. This would, of course, attract a lot of attention from traders globally, and could lead to a bit of FOMO trading.
It looks like a buy-on-the-dip scenario as we have broken above an ascending triangle, one that's seen over in the S&P 500 as well, although now it's the same index. There's only a handful of stocks that move either. So, it looks positive. It looks like a grind. It looks like it's going to be a fight. It looks like it's going to be noisy, but it still looks positive.
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