Wall Street’s performance continues to improve significantly, especially technology: The Nasdaq 100 is up 3.80% in the past month. That’s where the power of technology comes from, according to Gerardo Ortega, principal at Gerardortega.s and partner at CMC Markets.
If we look at it on the weekly chart, we will see many details. One, how the index itself has turned, as we see in the NASDAQ 100 CFD. “We are talking about an index that trades in free rise over the long term.” How long is the question.
A transition from a lower relative high to a relative low was recorded some time ago, but now it stands in the area of the highs that experts point to on the charts.
If we compare the weekly chart between NASDAQ and SP500, we have that transition, but without breaking the resistance, they are standing in that area.
This is NASDAQ what is happening in the market this week. The question here is that the S&P 500 supports and remains above that area of 4,200 mark and after SOX, the Semiconductor Index also surpasses the highest level recorded during the months of March and April of this year, What hasn’t happened yet is done, say experts.
Until then, the whole movement is different, it is nothing more, but the sensations are positive “without the slightest doubt”. That’s why Europe is growing too.
In the weekly chart we have a directional pattern with four tangents. That is, the trend line is a trend line, it is not the intersection of two points. “And I think that’s a good guide for prices to follow.”
The fact that all this is happening along with the number of fronts that the market had and are still open is also very relevant. “It doesn’t matter if the inflation data is published. The market takes it somewhat calmly. It doesn’t matter when the business result is published. The market is taking it somewhat calmly” and now the focus is on the debt ceiling, but the market is still complacent and bullish for now.