Nasdaq Index: Tech Stocks Hit Record High, US Indices Forecast Stays Bullish

The main trend is up but a new minor bottom has formed at 24199.00. A trade through this price will change the minor trend to down and shift momentum to the downside.

The first potential support is the former main top at 24019.99. It’s not the best support, but traders who missed the breakout try to buy pullbacks to this level. However, it lacks the momentum of the previous move and often fails. Those who bought the first breakout now become caught in a bull trap. If there are early panic situations in a market, they usually center around a former top trying to be forced into becoming new support.

The intermediate range is 22795.82 to 24596.32. This creates a potential support zone target at 23696.07 to 23471.60. I think a pullback into this area will attract new buyers. But if 23471.60 can’t hold, we could tumble back to 22643.29 as well as the 50-day moving average at 22640.58 and the 200-day moving average at 22562.50. This is about as solid a set up as we can get at this time.

There really isn’t a guess at current levels. Buyers have to continue to buy strength by taking out offers to drive to new highs. Without resistance, once they stop buying, they will make the resistance. The rest is deciding if you want to chase or wait for a pullback. It’s not a complicated decision because we know the trend is decisively higher. We’re not guessing on the trend anymore, we’re hunting for the best low risk opportunity to get long.

Ceasefire Extension Keeps Buyers Focused

Trump extended the ceasefire and that was the only signal buyers needed. I watched the market add to growth positions almost immediately after the announcement. The geopolitical picture didn’t actually get better. Iran seized two ships in the Strait of Hormuz on the same day and oil held near $100. Traders looked at all of it and bought anyway. That’s where sentiment is right now.

Semiconductors Lead the Way

I keep coming back to chips when I want to know what this market really thinks. Sixteen straight days of gains on the Philadelphia SE Semiconductor Index isn’t noise. That’s conviction. The money going into semis right now says AI and data infrastructure spending isn’t showing any cracks and nobody is positioned for a slowdown.