Market Commentary for December 2024
The NASDAQ 100
By Alan Hull
November is over and the most important event that occurred (technically speaking) was the NASDAQ 100 index breaking away from the upper boundary of its long term channel. This can be clearly seen in the monthly chart of the NASDAQ 100. And this is largely thanks to the clean sweep of the U.S. elections by the Republicans who won the Senate, the Congress and the Whitehouse.
Markets like conservative governments and the Republicans can make hay, at least for the next 2 years until the midterm elections. However I am not saying the markets are free to run for the next 2 years, but rather they work in future time and the expectation of good things to come will most likely play out over the next 6 months of so.
This means I am bullish for the first half of 2025 and as always I will update my position as things play out. And here’s the really good part...the NASDAQ 100 has company because our market has broken out as well, which is a really bullish sign for us. But don’t take my word for it…take a look at this month’s video review where local blue chip shares are leading the way north…