It was another great week for the US equity space, concluding February with a fourth successive month of upside. Investors remain buoyed by earnings, AI and, of course, the resilience of the US economy. Equities were bolstered by not only on PCE inflation data on Thursday, but also Friday’s ISM manufacturing report.

Nasdaq Refreshes All-Time Highs

As can be seen from the weekly timeframes of both the Nasdaq 100 and the Nasdaq Composite, fresh records were seen last week.

The Nasdaq Composite also pushed through channel resistance, taken from the high of 14,446, and cleared offers around the previous all-time high of 16,212. As a result of this, buyers will likely be watching for 16,212 to hold as support this week.

While the Nasdaq 100 also refreshed all-time highs, the market index is now on the doorstep of weekly channel resistance, extended from the high of 15,932. This could see profit taking, though further upside is equally likely given the break of channel resistance in the Composite and AB=CD resistance seen higher up at 19,253 (100% projection ratio).

Overall, both indexes clearly emphasise a buyers’ market for the time being.

Weekly Chart of Nasdaq Composite:

Weekly Chart of Nasdaq 100:

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