S&P 500 & Nasdaq Analysis and Trends

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Nasdaq Composite Index (COMP): Summary Analysis
By: Marty Armstrong | February 7, 2024

NASDAQ Composite Index Cash closed today at 1560900 and is trading up about 3.98% for the year from last year's settlement of 1501135. Caution is required for this market is starting to suggest it may now decline on the MONTHLY level. As of now, this market has been rising for going into 2024 reflecting that this has been only still a bullish reactionary trend. As we stand right now, this market has made a new high exceeding the previous year's high reaching thus far 1566421 while it is still trading above last year's high of 1515007.

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 moderately bullish currently with underlying support beginning at 1559725.

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

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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