While we wait for her jobs to be announced on Friday, the NASDAQ 100 continues to find buyers on dips, which continues to be the overall attitude of stocks in general, and the NASDAQ 100 continues to be one of the most aggressive over the longer-term.
- Early on Thursday during the trading session, the Nasdaq 100 slightly declined, but it has since rebounded from the pivotal 20-day EMA.
- By doing this, it appears that the market will continue to see a buy on the dip mentality, and while it's not ideal, you could argue that the channel is trending upward.
- Having said that, bear in mind that Friday will bring the jobs report. As a result, you can only be moderately aggressive at this time because there will be a lot of volatility in the market.
Shorting is Almost Impossible
Having said all of that, bear in mind that the market has been so strong that it is nearly hard to short this market. Additionally, bear in mind that the NASDAQ 100 is initially driven by a small number of stocks. Having said that, all you really do these days to trade in this market is to essentially watch the "big seven" and see what they are doing. In the event that they continue to rise, the NASDAQ 100 will also rise overall. We'll look to the 20-day EMA for support if we do break down from here, which is obviously possible, and then to the 50-day EMA for additional support.
Positively, I think that the 18,250 level is a place where a lot of people will be watching, so that's something else to focus on. If we reach a brand-new peak, that would only be the continuation of what we have been witnessing for a very long time.
I simply don't see how you can oppose this kind of momentum because it is evident that we are in a strong and momentum-filled market. People who keep saying the market is going to turn around should be avoided because they have been wrong for so long it's amazing they still have a trading account. While we do not wish for a brutal reversal in price at some point, it is evident at this time that long-term pressure is pushing the market higher.
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