The NASDAQ 100 Index has been very choppy over the short run, following similar choppy price patterns on the S&P 500 Index and Dow Jones Industrial Average.
Focusing on the Nasdaq 100, we can see that last Monday’s intra-day lows at 14774 are important and will need to hold on any pullback into mid-week. Failure to hold that level allows for a deeper short-term pullback to play out into end of week.
As I’ve discussed recently, the directional status of the Nasdaq 100 really depends on the July lows holding. As long as the hold it will be difficult to become too bearish.
So, until there is proper evidence of the trend faltering (i.e. a move back to new monthly lows), it is right to say patient during this choppy stretch. Let price guide you.
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The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
