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Nasdaq 100 defies yields to set its highest weekly close of the year

Late on Friday afternoon, after the European close, the Nasdaq 100 looked like it was headed for a lower close, when the index dropped back to 15,979. That low came after it had twice stalled earlier above 16,090. Well, in the event that did not happen and the index rose to test 16,100, before later closing 62 points higher, at 16,084. Perhaps, surprisingly the index brushed off the rise in US yields, especially at the front end of the curve. There was no outstanding major winners within the index on Friday and it was probably a lack of the opposite that helped it to a higher close on the week and its highest weekly close of the year to date too. It was also the highest weekly close for the index since December 31, 2021.  So, it seems little has changed in the current rising trend and that looks hellbent on delivering a Santa Claus rally, if the current wave count remains on track. On the face of it, only a weekly close below 15,932 from here would seem to reduce the likelihood of that, but it has to happen first and only time will tell in that regard. However, the Nasdaq 100 futures are lower this morning amid contrasting moves in Chinese (lower) and Japanese stocks (higher).The Nasdaq 100 is currently priced to reopen at around 16,035

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