Nasdaq 100 curbs its enthusiasm into the close

Yesterday the Nasdaq 100 set new records when it lifted above 18,000 for the first time ever. The index peaked at 18,041. However, that record was then followed by a bout of profit-taking that sent it abruptly lower. The index fell back to a low at 17,859 and later closed 79 points lower, at 17,882. Now technical this was not a major outside day reversal. In fact it was not an outside reversal at all because the index had actually opened lower yesterday. So, from a technical perspective it was not a negative close and perhaps more of a correction that was probably overdue, given the recent stellar gains. Overnight the Nasdaq 100 future has not made any progress, despite some sizeable in the Nikkei 225 this morning. The Chinese markets are still closed for the Lunar New Year holidays. The Nasdaq 100 futures are currently pricing a largely unchanged opening for later today, but of course we have the US CPI data due out ahead of that-more to follow in due course