Nasdaq becomes favorite sister

Fresh off a record-setting day yesterday in the Nasdaq, price action remains extremely bullish as the Nasdaq has emergered as the recent leader of the “three sisters."

Given the fact that the market is currently printing new all-time highs, there is not much in the way of resistance to report; however, local support could be anticipated around 3994.50, 3982.75 and 3945.50 respectively. CPI and housing data slated to be released at 7:30 am CT this moring will likely set the tone for today’s session as this it the only noteworthy economic data set to be releaesed today.

With both intermediate and near-term momentum in favor of a bullish argument for the Nasdaq, traders would do well to look for opportunities on the long side of the this market until prices proves otherwise.


Sep. ’14 Nasdaq 100 30-minute Bar Chart (e-Signal)

 

 

About the Author
Erik Tatje

Erik Tatje is currently a market strategist at RJO Futures and is the author of The Tatje Reporta daily technical correspondence. As a member of the Market Technicians Association, he has distinguished himself as a professional in the field of Technical Analysis and currently holds the Chartered Market Technician (CMT) designation. Erik can be reached atetatje@rjofutures.com or 312.373.5176. Learn more at www.rjofutures.com

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