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Nasdaq 100 stalls

As the European stock markets reopen in slightly better shape than was priced into the futures earlier this morning, the US stock futures are a little higher too. Yesterday the Nasdaq 100 did run out of steam, but it did also manage to have another look above 18k. The index topped out at 18,014 and later closed just 4 points lower, at 17,933. Nevertheless, that close still endorsed the technically negative close (noted here) on Friday. It remains to be seen, if that will lead to some further downside again today. Perhaps the outside day reversal on Friday was more a bi-product of the index needing to pause for breath, rather than it was an indication of it peaking in the longer term? Certainly, beyond that, the appetite for big tech does not yet seem to have peaked and we will therefore see buyers on dips, as the greed factors outweighs any fear of over-valuation. The Nasdaq 100 is currently priced to reopen later, at around 17,930
 

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