- The NASDAQ 100 has been very resilient during the month of February, as we continue to see a lot of upward pressure.
- Underneath, the market is likely to continue to see the 16,950 level as a major support level, I think that anytime we get close to that area, there should be plenty of buyers.
- The 20-Week EMA is testing that area right now, so I think that comes into the picture to perhaps send the NASDAQ 100 higher.
That being said, it’s very unlikely that the NASDAQ 100 is extraordinarily negative during the month of March, and I do think that it is probably only a matter of time before buyers come in and pick up bits of value every time you post back. Whether or not we are going to continue to see upward pressure is neither here nor there, because quite frankly it’s all about a handful of stocks. As long as we continue to see the “Magnificent 7” perform well, it’s likely that the NASDAQ 100 will continue to go higher. However, if they “Shoot the generals”, meaning that they take those 7 stocks down, the NASDAQ 100 will fall apart.
We are in an uptrend, and therefore it’s likely that you need to look at it through that prism. I don’t have any interest in trying to get too cute and shorting this market, despite the fact that a 10% drop would be about the best thing that could happen to keep the uptrend healthy. That being said, as long as we continue to have this mania in place, it makes quite a bit of sense that we either follow right along or sit on the sidelines.
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NASDAQ 100 Outlook March 2024
The outlook for this market is rather straightforward and simple: it’s obvious that the NASDAQ 100 is very bullish, and I think that the month of March will more likely than not continue this. At the very least, I would anticipate that we continue to see a lot of sideways movement more than anything else, or perhaps an occasional pullback that we could take advantage of. In fact, I don’t have a situation where we start shorting unless of course we break down below the 50-Week EMA, which is closer to the 15,500 level, and even then I would have to see what was going on with the idea of interest rates. It remains bullish, and I just don’t see that changing.
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