- The NASDAQ 100 recovered quite nicely during the trading session on Wednesday, as we had pulled back just a bit after the ADP Non-Farm Payroll announcement, only to turn around and see quite a bit of buying pressure despite the fact that the United States government is likely to close down, and people are really sure what that means at times.
- We’ve been through this before, but ultimately it ends up being a big nothing, and I think that might be the case going forward. Furthermore, we also have the Non-Farm Payroll more likely than not being put off for a while as the United States government closing down will not allow the Bureau of Labor Statistics to release that announcement in a timely fashion on Friday.
Upward Channel
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The market has been in an upward channel for quite some time, and I think that continues to be what we are paying the most attention to. Short-term pullbacks continue to offer buying opportunities, and now it looks like the upward trend will eventually go looking to the 25,000 level. The 25,000 level is a large, round, psychologically significant figure that people will be seeing, as it will attract a lot of headlines. The candlestick looks very bullish, as we had pulled back a bit only to show signs of life again. It looks like we are trying to close toward the top of the range, and therefore I do think that we will continue to see a lot of value hunters out there.
Volume is a bit mixed at the moment, as it isn’t necessarily outstanding, perhaps the word “normal or average” could come into play. If we fall from here, I think there are plenty of buyers all the way down to the 24,500 level, possibly even the 24,000 level underneath there, as the 50 Day EMA is also offering support right around the uptrend line of the channel, and therefore I think it remains very bullish market, and eventually we go looking to break above the 25,000 level.
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