- The NASDAQ 100 has been very noisy during the trading month of January, and it looks like we are just simply bouncing around and looking for some type of momentum.
- That being said though, when you look at the longer-term charts, it’s easy to see that although we have been sideways recently, the reality is that the market will continue to see a lot of buyers on dips.
- This is despite the fact that there have been a whole plethora of nonsensical headlines that people have panicked about from time to time.
The latest was DeepSeek glowing other AI companies out of the water, as the markets right to price in the idea of some type of technological Armageddon, but we have already seen the markets second-guess a lot of what’s coming out of that situation and are starting to focus on the next schizophrenic item. The Federal Reserve has stayed put, as interest rates remains stubbornly high, but at this point time I think a lot of traders are willing to look through that as the economy in the United States continues to strengthen overall, despite the fact there has been a certain amount of inflation.
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If the market were to break down from here, the 20,000 level is more likely than not going to be a hard “floor in the market”, so ultimately this is a scenario where people will start to look for buying opportunities in that region. If we were to break down below the 20,000 level it could change some things, but right now it doesn’t look like we are ready to do so.
If we can break above the 22,000 level, then it opens up the possibility of a much bigger move, perhaps reaching the 23,000 level next. I do believe that the month of February will continue to see buyers, or at the very least we might stay in the same range. I don’t see anything that suggests this market is ready to pull back for a bigger move.
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