Wolfe Research thinks NAS100 moves higher
Wolfe Research thinks NAS100 moves higher
Several mega-cap entities, including Meta and Nvidia, are propping up the Nasdaq 100, following Jerome Powell's 60 Minutes interview on Sunday, which has further diminished the likelihood of a March rate cut (currently below 20%, according to the Financial Times).
Potential support zones might materialize around the 17,450 and 17,100 levels, with the latter representing the bottom of last week's significant wick. Positioned just above this level is the 20-day moving average.
Short-term declines could be possible entry opportunities into the market, with a particular focus on the support levels. Wolfe Research anticipates the market's upward grind to persist until U.S. economic growth expectations diverge from current projections, with smaller-cap stocks overperforming as they play catch-up to their mega-cap counterparts. The first resistance worth monitoring appears near 17,600, roughly aligning with the all-time highs for the index.
Several mega-cap entities, including Meta and Nvidia, are propping up the Nasdaq 100, following Jerome Powell's 60 Minutes interview on Sunday, which has further diminished the likelihood of a March rate cut (currently below 20%, according to the Financial Times).
Potential support zones might materialize around the 17,450 and 17,100 levels, with the latter representing the bottom of last week's significant wick. Positioned just above this level is the 20-day moving average.
Short-term declines could be possible entry opportunities into the market, with a particular focus on the support levels. Wolfe Research anticipates the market's upward grind to persist until U.S. economic growth expectations diverge from current projections, with smaller-cap stocks overperforming as they play catch-up to their mega-cap counterparts. The first resistance worth monitoring appears near 17,600, roughly aligning with the all-time highs for the index.
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