Nasdaq 100:
Nasdaq 100:
2437.01
Short-Term Trend: uptrend
Outlook:
We saw the expected upside acceleration last week and Nasdaq 100 is now trading at 11-year high! The daily chart remains very bullish, but the market is quite overbought now. So, it is natural to expect a minor pullback once the 2460 level is reached (we are almost there) followed by another rally twd 2540/40 level. Overall the bulls are in control as long as the prices stay abv 2355, so stops can go below that level, in my opinion.
Break below 2355 negates, risks decline twd 2290...
Strategy: Holding long from 2360 is favored. Stop=2350. Target=2540.
S&P500:
1315.16
Short-Term Trend: uptrend
Outlook:
The rally has gathered momenum and I expect to see further gains early this week. However, the daily chart is quite overbought now, so it is also natural to expect some kind of a pullback here. But if a pullback develops, it is expected to find support abv the 1280 level. The daily chart is bullish and gains twd 1378 are expected later this quarter.
On the downside, below 1280 negates, risks decline twd 1240/30...
Strategy: Holding long from 1267 is favored. Stop=below 1275. Target=1400