S&P 500 & Nasdaq Analysis and Trends

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Nasdaq Composite Index (COMP) »» Weekly Summary Analysis
By: Marty Armstrong | February 3, 2024

Here in NASDAQ Composite Index Cash, we do find that this particular market has correlated with our Economic Confidence Model in the past. Our next ECM target remains Tue. May 7, 2024. The Last turning point on the ECM cycle low to line up with this market was 2022 and 2009 and 2002. The Last turning point on the ECM cycle high to line up with this market was 2007 and 2000.

MARKET OVERVIEW
NEAR-TERM OUTLOOK

The historical perspective in the NASDAQ Composite Index Cash included a rally from 2009 moving into a major high for 2021, the market has been in a bearish trend since the high moving into the low in 2022 for a declining trend during that year. The last Yearly Reversal to be elected was a Bullish at the close of 2022.

This market remains in a positive position on the weekly to yearly levels of our indicating models. Pay attention to the Monthly level for any serious change in long-term trend ahead.

Looking at the indicating ranges on the Daily level in the NASDAQ Composite Index Cash, this market remains in a bullish position at this time with the underlying support beginning at 1544987. The market is trading closer to the resistance level at this time. An opening above this level in the next session will imply that a bounce is unfolding.

On the weekly level, the last important high was established the week of January 29th at 1566421, which was up 14 weeks from the low made back during the week of October 23rd. So far, this week is trading within last week's range of 1566421 to 1515849. Nevertheless, the market is still trading upward more toward resistance than support. A closing beneath last week's low would be a technical signal for a correction to retest support.

When we look deeply into the underlying tone of this immediate market, we see it is currently still in a semi neutral posture despite declining from the previous high at 1566421 made 0 week ago. The broader perspective, this current rally into the week of January 29th reaching 1566421 has exceeded the previous high of 1515007 made back during the week of December 25th.

Right now, the market is above momentum on our weekly models hinting this is still bullish for now as well as trend, long-term trend. Looking at this from a wider perspective, this market has been trading up for the past 4 weeks overall.

INTERMEDIATE-TERM OUTLOOK

YEARLY MOMENTUM MODEL INDICATOR

Our Momentum Models are rising at this time with the previous low made 2022 while the last high formed on 2023. However, this market has rallied in price with the last cyclical high formed on 2021 warning that this market remains strong at this time on a correlation perspective as it has moved higher with the Momentum Model.

Interestingly, the NASDAQ Composite Index Cash has been in a bullish phase for the past 10 months since the low established back in March 2023.

This market is trading within less than a half percent below that previous key high of January which was 1563058. Critical support still underlies this market at 1316160 and a break of that level on a monthly closing basis would warn of a further decline ahead becomes possible. Nevertheless, at this time, the market is still holding and is trading above last month's high.

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