Nasdaq 100

The Nasdaq 100 broke higher during the day, slicing through the 6300 level again. We even trying to make a fresh, new high, but at this point I think that we will continue to see churning in this area, with pullbacks perhaps being buying opportunities. I think eventually we could go to the upside for a longer-term move, and that ultimately, we will see the 6500 level. However, we have been a bit overbought for some time, and it now looks likely that a pullback is necessary to build up the momentum needed to continue this move. The 6200-level underneath should be massively supportive as well, so even if we drop down to that level, I still think that there is plenty of buying pressure under there. In fact, I believe that the uptrend is very much intact until we were to break down below the 6000 handle. I expect volatility, but eventually the buyers will return.