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Nasdaq 100 backs off from new record high

Unlike the Dow Jones and the S+P 500 indexes, yesterday the Nasdaq 100 did not post an outside day reversal, but that was only because it did not open higher. The index opened at 18,589  after closing on Wednesday at 18,596. Irrespective of that, the Nasdaq rose to set a new all time record high, at 18,669.50, but it was unable to hold that gain into the close and later ended the day 38 points lower, at 18,557. So, that was a negative close, albeit not as technically negative as the other two. So, where next you ask? Well, unless there is significant rotation into the tech sector and those other indexes continue lower into the weekend, the Nasdaq 100 might struggle later today. That is not a recommendation though, but more just an observation. The other thing to factor in here, is the release of the latest quarterly results from the tech darling of the moment next week- NVIDIA. Those results could have a significant impact on how the index fares next week. One other thing to remind readers again of; is that there will be no Quick News updates next week due to absence. There will be more to add on that later this afternoon. Meantime, the Nasdaq 100 futures are just now pricing a reopening at 18,565

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