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Has it come far enough? Nasdaq 100 posts outside day reversal

When the Nasdaq 100 set an opening record yesterday at 16,963, it seemed likely that a test of 17k was very much on the cards. Well, it did not turn out that way, because the index did not get much higher than that, peaking soon after the opening at 16,969. It then fell back to a low at 16,891. Hence, it was not a massive range for the index, but it was one that delivered an outside day reversal, from what had been a new all time record high. That is because the index later closed at 16,898, which was below the previous daily close, 16,906. Granted, it was not the most dynamic of such patterns, but it still could hold water later today. The question right now for me; is this enough, as we head into the final trading day of 2023?  Well, as I said here yesterday; the index has enjoyed a fabulous run this year, since rising more than 54% from its January lows. The index futures are a little higher this morning though, following a mixed and rather modest session for Asian stocks today. The Nasdaq 100 is currently priced to reopen at around 16,915 
 

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