The NASDAQ 100 continues to see a bit of bullish pressure overall, as the Monday session was very strong early. Semiconductors and AI names are the big winners today.
NASDAQ 100
The NASDAQ 100 raced higher, with AI and semiconductor strength really pushing things during the session. We have broken the recent resistance and screamed well above the 30,300 level.
Ultimately, short-term pullbacks are more likely than not to be potential value propositions. With the signs of the candlestick, it does suggest that there are plenty of buyers out there willing to jump in.
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Some of the biggest index movers include AMD
AMD is up over 9% after the open. Meta is up almost 9%. Tesla is up 3%, NVIDIA is up 1.3%, and even Amazon is up a full percent. Microsoft is a laggard, losing 10 basis points. In other words, the market has been very strong and has a lot of names all participating to help out.
This tells you how wide the rally is. A lot of the upward pressure is perhaps a little bit of relief that the weekend was not horrific like it could have been. In other words, there is true interest in this index.
The upcoming catalysts include Flash Manufacturing and Services PMI on Wednesday. Thursday, we have jobless claims and new home sales. There are also the meetings at the UN. Comments coming out of Trump suggest that he was more than willing to meet with the Iranian president while he is at the UN, so perhaps there is a little bit of optimism coming into the market.
Short-term dips are buying opportunities in this market, as the NASDAQ 100 simply won’t seemingly fall for any real amount of time. In this environment, it's been remarkable to watch the resilience play out.
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