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Trends & Analysis
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Week Ahead Preview: 22nd of April

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Trends & Analysis
News

Week Ahead Preview: 22nd of April

News

P&G shares rise despite Q3 sales miss

News

Gold continues to shine amid geopolitical worries

News

Crude oil dips for 3rd session after supply data

News

Is there an AI upside for AMD?

News

GBP/USD recovers following wage report

Asset Watch

Will the NASDAQ 100 continue its H1 momentum?

 

Tuesday, July 3, 2023

It’s been a Big Tech bonanza, as AI momentum has helped the technology sector materially outperform its peers in 2023. And with the NASDAQ Composite recording its largest first-half rally since 1983, it was the index’s greatest six-month performance since the peak of the dot-com bubble in 1999.
Yet, abnormally high optimism means managing risk will be crucial in the months ahead. CNN’s Fear & Greed Index ended the Jun. 30 session at 80, which is only two points below its 12-month high of 82. In other words, the “Extreme Greed” confronts the U.S. stock market, and prior readings of this magnitude have preceded substantial pullbacks.
Monitoring moving averages is the best way to participate while also limiting your downside risk. Bearish seasonality helped push the NASDAQ 100 to its 20-day moving average, however, support materialised and the uptrend continued.

Similarly, a February breakdown below the 20-day MA was bought near the 50-day MA, while a subsequent breakdown below the 50-day MA ended near the 100-day MA. These levels can help you determine when to enter and exit a position.

 

S&P 500 seasonality has turned bullish, and July is often one of the best months of the year. And with Big Tech holding the largest weight in the S&P 500, its performance is often the driving force.

 

So, can the NASDAQ 100 squeeze out more gains, or is H1 as good as it gets?


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