Nasdaq 100 Continuing in Stage 2 and the US Stocks Watchlist – 12 December 2023
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The Nasdaq 100 closed at new 52 week highs for a second day this week, ahead of the key Fed interest rate announcement on Wednesday at 2pm Eastern time. It has continued to improve since its short-term breadth measures turned positive in early November, and recently recovered back into potential Stage 2, with a continuation attempt.
However, Fed rate decisions are frequently pivotal points in the market, and so while the price and breadth action are in sync, with positive progress in each. The Fed is a wildcard and so caution seems prudent until that is out of the way.
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Disclaimer: For educational purpose only. Not investment advice. Seek professional advice from a financial advisor before making any investing decisions.