[Video] Is the Nasdaq 100 Headed for 14k?
Matt Simpson April 6, 2021 2:53 AM
With the Dow Jones and S&P 500 repeatedly hitting new highs, the Nasdaq appears left out. But perhaps not for much longer given the bullish clues on recent price action.
Also in today’s video is an update on copper which may have finally broken out of its consolidation, and USD/CAD which looks on the back foot after broad dollar weakness yesterday.
Updates to previous videos:
- Fortune Brands (FBHS) is at a record high after breaking out of its sideways channel and about halfway to our channel target around 105. The bias remains bullish above prior resistance at the 92.60 – 93.40 highs.
- NZD/USD remains above key support highlighted in Thursday’s video, so the bearish bias never came to fruition as the breakout never occurred.
- Gold continues to look firm after a solid rebound from 1676 and hit our intraday target on Thursday. A small bearish candle suggests a minor pullback could materialise, whilst a break above 1740 brings the 1755 high into focus.
S&P 500 (1.44%) 05 March 2021
- The index closed at a record high
- 409 (80.99%) stocks advanced and 95 (18.81%) declined
- Consumer Discretionary (2.27%) was the strongest sector and Energy (-2.4%) was the weakest
- 3 out of the 11 sectors outperformed the index
- 94.85% of stocks closed above their 200-day average
- 88.91% of stocks closed above their 50-day average
- 82.57% of stocks closed above their 20-day average
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