- The NASDAQ 100 faced a significant decline during Friday's trading session, largely in response to concerns stemming from the robust employment figures.
- These numbers have raised worries that the Federal Reserve might delay its plans to ease monetary policy.
- Nevertheless, it's essential to note that Meta, a prominent company, reported exceptionally strong earnings prior to the opening bell, supporting the notion of potential buyers in the market.
Initially, the NASDAQ 100 experienced a minor pullback at the start of Friday's trading session, following the release of a much stronger-than-anticipated jobs report. However, this dip is likely to present an opportunity for buyers to enter the market. The noteworthy performance of the free market, particularly the remarkable 17% surge in Meta's stock before the opening bell, is quite remarkable given the company's size and the level of scrutiny it faces during earnings reports.
Top Forex Brokers
Such remarkable movements are infrequent occurrences, and they undoubtedly exert a significant influence on the index. It is anticipated that, as the trading session progresses, Wall Street will likely persuade itself to resume buying stocks, and the initial reaction to the jobs report may subside. Even in the event of a substantial pullback, the 17,000 level is expected to offer a considerable degree of support, with additional support coming from the 50-day Exponential Moving Average below.
No Way to Short This Thing….
Shorting the NASDAQ 100 at this juncture does not appear to be a viable strategy, as it has demonstrated resilience to the forces of gravity and other gravitational factors. Therefore, traders should align their strategies with the prevailing market sentiment.
At the moment, the market maintains a bullish stance. Market observers should view this pullback as a potential opportunity to enter long positions and exercise patience. An eventual turnaround and a break above the recent highs around the 17,700 level could pave the way for further gains, with the possibility of reaching the 18,000 level within the next week or two, given the current market behavior. This is a market that has only one direction on its mind over the longer-term, and I think you have to listen to what it says.
Ready to trade the NASDAQ 100? We’ve shortlisted the best Forex brokers for CFD trading in the industry for you.