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The Nasdaq Composite Index hit a fresh all-time high on Wednesday, reaching 24,596.22, as the S&P 500 and the Dow Jones Industrial Average moved higher. The extension of a ceasefire helped ease market pressure, while ongoing earnings support kept buyers engaged.
Late in the session, the Nasdaq Composite (IXIC) was trading near its new all-time high at 24,596.22. The move also offset a prior potentially bearish closing price reversal, which was not confirmed.
The main trend remains up, and a new minor bottom has formed at 24,199.00. A trade through 24,199.00 would shift the minor trend to down and move momentum lower.
The first potential support is 24,019.99, described as a former main top. Traders may attempt to buy pullbacks to that level, but it is characterized as weaker support that can fail. If early selling forces that former top to act as support, it can create a “bull trap” for buyers of the initial breakout.
The intermediate range is 22,795.82 to 24,596.32, implying a potential support zone target of 23,696.07 to 23,471.60. The expectation is that a pullback into this area could attract new buyers. If 23,471.60 does not hold, the article points to a possible decline toward 22,643.29, along with the 50-day moving average at 22,640.58 and the 200-day moving average at 22,562.50.
The ceasefire extension was cited as the key signal for buyers. The article notes that the geopolitical picture did not improve, including the seizure of two ships in the Strait of Hormuz by Iran on the same day, with oil holding near $100. Despite that, traders continued to add to growth positions, supporting the current sentiment.
Semiconductors were highlighted as a key indicator of market conviction. The Philadelphia SE Semiconductor Index recorded 16 straight days of gains, which the article frames as evidence of sustained demand. The flow into semiconductors is described as consistent with continued AI and data infrastructure spending, with no clear signs of a slowdown in positioning.
Earnings were described as reinforcing strength in consumer-related activity. The article also points to Boeing’s contribution to the Dow Jones Industrial Average and solid breadth across both exchanges. It notes that Tesla and Texas Instruments are scheduled to report after the close, and that the two stocks could move the Nasdaq quickly in either direction.
Oil was identified as the factor most likely to halt the rally. The article says attention is focused on the Strait of Hormuz, where Iran remains active. It outlines a scenario in which escalation would raise energy costs, keep inflation elevated, and shift the rate outlook—conditions that the article associates with the risks bears would need. Until such a scenario develops, it concludes that the trend remains higher.
More information is available in the publication’s economic calendar.
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