- Buying the dips will more than likely continue to be the play for the NASDAQ 100 going forward. The lack of volume is a small issue at the moment.
NASDAQ 100
The NASDAQ 100 rallied a bit during the early hours on Friday but then turned around and collapsed pretty significantly to show signs of extreme weakness. That being said, I would not read too much into the Friday session as most traders are not out there pressing the buttons and, in fact, are probably completely oblivious as to what's going on.
With this being said, I think you have to look at this as a market that is buy on the dip. This is the 50-day EMA that we currently sit on and that, of course, will attract a certain amount of attention in and of itself. This is an area that I will be watching very closely if we continue to test it in the short-term future.
Technical Outlook and Sentiment
That being said, I think you've got a pretty significant area right around 25,000, which opens up a floor. If we turn around and break above the top of the candlestick for the trading session on Friday, then it opens up the possibility of a move to 26,000. I do think, given enough time, we have the possibility of not only breaking that 26,000 level but going much higher than that.
Top Regulated Brokers
Keep in mind that this is an index that tends to move on just a couple of names, so pay attention to all the usual movers: Nvidia, Meta, Tesla, etc. See how they behave, and that'll give you a heads-up. I have no interest in shorting the NASDAQ 100. It remains very bullish, and Friday would have almost no volume, so I don't read too much into the price action.
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