NASDAQ 100 Index
After a new record high was reached during the previous week, the NASDAQ 100 Index made a strong gain last week, due mainly to lower-than-expected US CPI data which makes an earlier rate cut a bit more likely. Strong earnings by major tech companies are also helping the Index.
Bulls should be encouraged by the fact that this Index is trading in blue sky at a record high, and that last week’s close was right on the week’s high, with strong momentum showing over both the short and long term.
It makes sense to be bullish on this major stock market index when it has recently made a new record high. Historic precedent shows this tends to produce further gains quickly.
I therefore see the NASDAQ 100 Index as a buy.
S&P 500 Index
After a new record high was reached during the previous week, the S&P 500 Index made a strong gain last week, due mainly to lower-than-expected US CPI data which makes an earlier rate cut a bit more likely.
Bulls should be encouraged by the fact that this Index is trading in blue sky at a record high, and that last week’s close was quite near the week’s high, with strong momentum showing over both the short and long term.
It makes sense to be bullish on this major stock market index when it has recently made a new record high. Historic precedent shows this tends to produce further gains quickly.
I therefore see the S&P 500 Index as a buy.
CAC 40
The Parisian index has had a very rough week, dropping over €400 from the open on Monday. At this point, the CAC 40 seems to be testing the €7500 level for support, therefore I think you have to look at the market through the prism of possibly offering a bit of value. If we do in fact rally from this point, it will have ended up being a massive buying opportunity that a lot of people will have taken advantage of. However, if we were to break down through here, then the €7200 level could be your next target.
Bottom Line
I see the best trading opportunities this week as follows:
- Long of the NASDAQ 100 Index.
- Long of the S&P 500 Index.
- Long of the CHF/JPY currency cross.
- Long of the NZD/JPY currency cross.
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