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On Wednesday, the Nasdaq 100 stagnated as the Dow and S&P 500 continued to rise.
Futures are set to hit new highs on Thursday.
The Relative Strength Index (RSI) continues to be overbought.
The Nasdaq 100 maintains the market leader among indices, thanks to a strong second half that ended in June. In a world where interest rates are zero, the index is up 6.5 percent in the last month and 13 percent year to date, which is fortunate for most investors. In comparison, the Dow has fallen somewhat in the last month, but has a similar year-to-date performance of 12.7 percent. With a 14.4 percent increase year to date, the S&P 500 has been the best performer for investors in 2021.
The gap between large-cap indices and the Russell 2000 has widened further, with the Russell gaining only 0.5 percent in June and 3.8 percent for the quarter. We’ve spotted a potentially dangerous triple top in the Russell, and we’d like to see a range breakout to rule it out. More information can be found here.

However, the upward trend continues, and the upside of the current channel is now in sight, much sooner than expected. The upside resistance target is now established at 14,750. We are using the E-mini Nasdaq contract for our analysis, as previously stated. The QQQ ETF will be the inverse of the QQQ ETF. The gap to the 9-day moving average has been expanded, indicating that the trend is robust. Is this a case of overextension? The Relative Strength Index (RSI) appears to think so, since it has spent the last two sessions in the overbought zone. The 9-day moving average and last week’s high serve as interim short-term support near 14,400. The channel’s bottom, at 14,210, is seen below that. As the volume profile bars on the right of the chart illustrate, 13,830 is a minor double bottom from June 16 and 17 and an area of significant volume. Areas with a lot of traffic should have a lot of support./nRead More

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