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Asset Watch
Thursday, December 21, 2023
The NASDAQ 100 has recouped all its rate-hike-induced losses, but resistance from the 2021 highs could create a double top pattern. More importantly, while the index has surpassed its July 2023 highs, its weekly RSI has made a lower high. And with bearish divergences often preceding pullbacks, weakening momentum could be the next correction catalyst.
Though December rallies are typical across U.S. equities, S&P 500 seasonality turns bearish in January. And as the NASDAQ 100 and S&P 500 share some of the largest players, both could be ripe for some short-term weakness.
So, should we expect a correction over the next month, or will the bullish stampede continue uninterrupted?
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