- The Nasdaq 100 has rallied a bit during the early hours here on Thursday as we continue to find reasons to drift to the upside.
- All things being equal though, I think this is a market that is going to continue to find buyers on dips regardless.
- Although I would also point out that we are in the midst of a very thin type of market as a lot of the professional traders and institutional traders right now are away on vacation.
The uptrend line is still very much intact, and I think the 23,250 level underneath as support is still very much intact. With this being the case, I think you have a scenario where a lot of people will be looking at any dip as a buying opportunity and we got through the Nvidia earnings at the end of the session on Wednesday, fairly unscathed and looking like not much has changed afterwards.
A Likely Target Above
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So, with all this, I don't see any reason why we don't eventually go to the 24,000 level. We've been in a nice gentle channel for some time, and we are closer to the bottom than the top but maybe waiting for a little bit of a pullback isn't the worst thing to do, but we have spent four days basically just squeezing slowly and grinding slowly to the upside.
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If we were to break down below the uptrend line, the 50 day EMA sits right there as well. So, with all of that being said, I remain positive. I don't see any reason to short this market. And I think given enough time, we will probably go looking to the 24,000 level and then beyond there to reach towards the 24,500 level. This is simply more of the same that we have seen previously.
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