NASDAQ Hits 750: Is This the Top or the Start of a Bigger Rally?
The market enters Monday with a quiet pre-market setup, with stock index futures slightly below fair value and commodities mixed. Despite the NASDAQ reaching a new all-time high on Friday, several indicators point to short-term oversold conditions and a potential bottom. The S&P Transport sector has reached the bottom of its panic zones and returned to a buy signal, although the pros have not yet taken control and resistance from the flypaper channel could limit any rebound.
The NASDAQ 100 closed Friday at 749.58, essentially at the major 750 target that has acted as an important level throughout the year. A break above 750 could open the way toward the next target at 781.25, while failure could signal that the current rally has peaked. Energy stocks in Canada generated new buy signals, while financials, banks, gold stocks and telecoms remain weak. Bond markets also remain under pressure, and crude shipping costs continue to signal stress in the Persian Gulf.
Stephen Whiteside
Monday, October 5, 2026
