S&P 500 & Nasdaq Analysis and Trends

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

NASDAQ Composite Index Cash closed today at 1617509 and is trading up about 7.75% 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. Factually, this market has been rising for 5 months going into April suggesting that this has been a bull market trend on the monthly time level which has been confirmed by electing all of our model's long-term Bullish Reversals from the key low.

ECONOMIC CONFIDENCE MODEL CORRELATION

Here in NASDAQ Composite Index Cash, we do find that this particular market has correlated with our Economic Confidence Model in the past. 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 NASDAQ Composite Index Cash has continued to make new historical highs over the course of the rally from 2009 moving into 2024. Noticeably, 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.

Focusing on our perspective using the indicating ranges on the Daily level in the NASDAQ Composite Index Cash, this market remains moderately bearish position at this time with the overhead resistance beginning at 1622072 and support forming below at 1613724. The market is trading closer to the support level at this time.

On the weekly level, the last important high was established the week of March 18th at 1653886, which was up 21 weeks from the low made back during the week of October 23rd. We have been generally trading up for the past week from the low of the week of April 1st, which has been a move of 2.605%. When we look deeply into the underlying tone of this immediate market,

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 12 months since the low established back in March 2023.

Critical support still underlies this market at 1405840 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Immediately, the market is trading within last month's trading range in a neutral position.

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