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The indices in the United States continue to look somewhat stretched, and a pullback could provide markets with more value.
The Nasdaq 100 pulled back early in Tuesday’s session as market participants continued to view the move as potentially overdone. The index has risen about 14% from the bottom, and the recent advance is described as having occurred “on nothing.”
In the last 24 hours, OpenAI’s admission that data center buildouts are essentially overblown—and not mathematically possible in the figures that had been discussed—was cited as a factor likely to weigh on the Nasdaq 100.
At this point, the expectation is that the index could drop back toward the 26,250 level. That area is described as a previous resistance barrier that would make sense to test for support. A pullback to this zone followed by a bounce is viewed as a potential setup for upside participation.
The 28,000 level is mentioned as a possible target, though the article suggests it is unlikely to be reached soon.
The Dow Jones 30 rallied early in the session but is now consolidating to work off “excess froth” from recent market activity. The article characterizes the index as waiting to move sideways.
Support is cited around 49,000, while resistance is cited around 50,000. The stance is described as neutral in the near term, with a longer-term view that the market becomes bullish.
The S&P 500 is pulling back from all-time highs. The article frames the dip as a potential source of time for remaining bullish participants to position themselves.
A move closer to the 7,000 level is preferred as an opportunity to buy the dip. The 7,000 level is described as the key downside barrier. The article does not expect a breakdown below it, but notes that if the index were to fall under that level, it would “change a lot.”
Overall, the article reiterates that buying dips is the prevailing strategy across these indices, and expects it to play out.
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