S&P 500 & Nasdaq Analysis and Trends

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Nasdaq Composite Index (COMP): Summary Analysis
By: Marty Armstrong | March 13, 2024

NASDAQ Composite Index Cash opened above the previous high and closed above it as well warning of a bullish posture right now. It closed today at 1626564 and is trading up about 8.35% for the year from last year's settlement of 1501135. At present, 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 1644970 while it is still trading above last year's high of 1515007.

MARKET OVERVIEW
NEAR-TERM OUTLOOK

The NASDAQ Composite Index Cash has continued to make new historical highs over the course of the rally from 2009 moving into 2024. Distinctly, we have elected four Bullish Reversals to date.

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 1612856.

On the weekly level, the last important high was established the week of March 4th at 1644970, which was up 19 weeks from the low made back during the week of October 23rd. So far, this week is trading within last week's range of 1644970 to 1586263. 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 1644970 made 0 week ago. Still, this market is within our trading envelope which spans between 1473112 and 1616634. This market has made a new historical high this past week reaching 1644970. Here the market is trading positive gravitating more toward resistance than support. We have technical support lying at 1596636 which we are still currently trading above for now.

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 9 weeks overall.

INTERMEDIATE-TERM OUTLOOK

Interestingly, the NASDAQ Composite Index Cash has been in a bullish phase for the past 11 months since the low established back in March 2023.

Critical support still underlies this market at 1486003 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Nevertheless, the market is trading above last month's high showing some strength.

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