For some types of pullbacks, the 14,600 level is an area of ​​support that was previously important.

The NASDAQ 100 initially fell slightly during Thursday’s trading session, but found buyers below you continues to at least stabilize. At the moment, the market looks like it wants to take a little breather to gain the necessary momentum to reach the decisive ball level of 15,250, an area where we have seen resistance before.

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That being said, it will be interesting to see how Friday plays out given that it’s the end of the month, so a lot of people will want to mark their positions. That tends to encourage upward pressure, especially since it’s everything to Wall Street firms. That doesn’t mean the market has to go higher during the course, just that historically it usually does.

For some types of pullbacks, the 14,600 level is an area of ​​support that was previously important. Because of this, I think it’s probably only a matter of time before market participants are willing to jump into the market near this area. This will be especially true considering the 50-day EMA is racing towards this area, but ultimately this is a market that I believe is looking for some type of directionality. Jerome Powell reiterated his desire to keep interest rates firm during a meeting of Portugal’s central bankers later in the week, as did most other major central banks. Because of this, I think you will continue to see a lot of volatility in the markets, but at the end of the day, the buyers still seem to be in a lot of control.

  • While I don’t necessarily like the economic backdrop, the reality is that there are only about 7 stocks in the NASDAQ 100 that really matter.
  • In this environment, everyone comes across the same companies like Apple, Tesla, etc.
  • As long as this momentum is the main driver, I think you have to look at it as a “buy on the dip” situation.

Potential signal: going forward, I believe the NASDAQ 100 will do its best to reach the 15,250 level, which is the area we recently retreated from. Whether we can break above their remnants remains to be seen, but I still like to buy dips here, with a stop loss near the 14,800 level.


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