The Nasdaq 100 has been all over the place on Friday as we continue to see a lot of noise coming from various places around the financial landscape. The 25,000 level continues to see a lot of action at the moment.
NASDAQ 100
The Nasdaq 100 has been all over the place on Friday as we continue to see a lot of noise. The Friday session had a lot of external pressures put on the market via news and announcements, so really at this point in time it’s not overly surprising to see that we’ve had a little bit of trouble really following through in one direction or the other.
Furthermore, you have to keep in mind that the 25,000 level is an area that a lot of people have been watching and it does seem like we are continuing to see a little bit of trouble there.
MARKET REACTION AND TECHNICAL BARRIERS
All things being equal, there is a situation where we have a lot to digest through the weekend as the core PCE numbers came out higher than anticipated, but at the same time the advanced GDP numbers came in under. Now, there are some concerns about distortion with that due to the US government partial shutdown, but then we had the Supreme Court decision throwing away some of the tariffs or really the way the tariffs were levied on other countries, but at the same time there are other ways to do it.
So, a lot of back and forth noise during the day. I think it’s going to end up being a situation where you’re still watching 25,000 and the 50-day EMA above as a barrier. If we were to break above there, then the market could go looking to the 26,275 level. Short-term pullbacks offer buying opportunities.