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Nasdaq 100 edges back from record opening level

The Nasdaq 100 closed at a record high last night, at 16,906. It reopened today at 16,963 and of course that opening was a new record level for the index to kick off the session today. However, so far it has shied away for a closer look at 17k this afternoon. The high seen was set at 16,969 and it since dropped back to 16,928 a moment ago. There price action looks based on little more than profit-taking at this stage, but equally that could extend and whilst the bulls are still in control overall, we should not forget just how elevated this index is at the current levels. The Nasdaq 100 is currently trading at 16,936
 

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