What is the Expected Trend for the Nasdaq?
The most likely scenario is a short sideways move in which the volatile Nasdaq moves between 18,600 and 19,200 before continuing to rise to the initial price target of 20,500. The trend is strong upward with a long-term price target of 21,500. Only below the 17,000-point line will the system confirm the trend break and we can look further down. For now, the Tech sector is still strongly up.
Below is the chart of the Nasdaq100 futures as of January 1, 2024. After the firm correction within the uptrend in April, is it possible to see the high at over 18,900 and the slight technical correction over the past few weeks with the valid breakout in recent days.
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