- The NASDAQ 100 rallied early during the trading session on Thursday, as we continue to see a lot of bullish pressure.
- At this point, the market is likely to continue to see upward pressure in general, and I do think that every time this market pulls back at the look at it through the prism of a potential buying opportunity.
Wall Street Celebrates Federal Reserve Day
The Federal Reserve didn’t do anything to step away from the idea of 3 rate cuts this year, therefore it’s likely that we will continue to see a lot of buyers jumping into this market and trying to take advantage of the idea of each pullback through the prism of “momentum trading” that will continue. Keep in mind that the NASDAQ 100 is running on the idea of artificial intelligence more than anything else, as it is the one thing that everybody wants to own.
At this point in time, I think it’s probably only a matter of time before we go look into the 18,500 level, which I believe is the next target. Short-term pullbacks continue to see plenty of support underneath to hold the market higher, with the 18,200 level being one area that I think people will be interested in, followed of course find the 50-Day EMA underneath there. In general, the NASDAQ 100 is not something that you should be short of anyway, due to the fact that it’s not an equal weighted index so it’s not even designed to fall. Yes, it falls from time to time but at the end of the day it’s very difficult to see massive losses in this market.
I would not be surprised at all to see the NASDAQ 100 reach the 20,000 level sometime this year, and quite frankly I think a lot of people were thinking that as well. With that being the case, I remain “long only”, and will continue to look for opportunities to pick up “cheap contracts” in this index, and will ignore selling pressure for the time being, at least until the fundamental analysis changes, which is nowhere near doing so at the moment.
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