- The NASDAQ 100 rallied significantly during the course of the trading session on Friday, after the jobs number came out roughly in line.
- We had several negative revisions to the last few months.
- That being said, the market certainly is looking very bullish, and we have left the 20,000 level in the background.
At this point in time, I think the 19,500 level is a hard floor, and therefore, I think you need to look at that through the prism of the bottom of the market right now. The size of the candlestick, of course, is very bullish, and I do think that it is probably only a matter of time before we break even higher. The last couple of sessions have been pretty explosive to the upside, so I would look for short term pullbacks.
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Buying Opportunities?
Those pullbacks should be nice buying opportunities, and I do think that's the way to go. If we can break above there, then we could go look into the 20,500 level, which is the next psychological barrier. The market has been in an uptrend for quite some time, and it's worth noting that momentum is one of the biggest factors when trading the NASDAQ 100. The NASDAQ 100 really is an ETF on artificial intelligence at the moment.
I think you need to pay attention to a handful of companies because it's not equal weighted. So therefore, as long as Nvidia, Microsoft, Apple are doing okay, it'll just drag the index right up in the air with it. Looking at this situation right now, I think that you just find some type of value anytime we pull back. You wait for a bounce and just add to it. Ultimately, I love this index because it is so one way, but I also recognize that you don't bet your entire trade and market funds to jump in and try to ride the momentum every time you feel the need you want to find value and then you put positions on.
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