- The Nasdaq 100 initially plunged during the trading session on Friday as the jobs numbers in the United States came out hotter than anticipated.
- However, Wall Street has already talked itself into the idea that interest rate cuts are coming either way and now we are reaching and all time high yet again.
- This is a market that just will not give up the momentum to the upside and I think that’s the biggest clear communication of the attitude on the chart.
The NASDAQ 100 of course only moves on a couple of stocks at this point. It really should be called the NASDAQ four or five, but really at this point, those all continue to see bullish pressure and therefore I like the idea of buying dips and obviously Wall Street does as well considering that we have seen a complete turnaround yet again.
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Long-term Trend Remains Intact
The long-term trend is to the upside and let's keep in mind that the NASDAQ 100 especially tends to run on momentum. So, you have to keep that in mind and trade accordingly. Even if we were to pull back from here, I think that there are a lot of support levels underneath that you can pay close attention to.
The 18,700 level is an area that offers a certain amount of support right along with the 50 day EMA period, all things being equal, I think you continue to look for value on these dips and take advantage of it. I do believe that eventually the NASDAQ 100 will go looking to the 20,000 level, which of course is, I think, the longer-term target. It is a large round psychologically significant figure. In general, this is a market that will be very noisy. But that being said, I think we've got a lot of issues out there that will continue to push and pull at the market but nonetheless we are still going higher.
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