The Nasdaq 100 jumped a bit in early trading on Monday, as we continue to see a lot of volatility int this index.
NASDAQ 100
The Nasdaq 100 has rallied pretty significantly during the trading session here on Monday as we are bouncing from the 200-day EMA, perhaps in response to some soothing words coming out of the United States as far as oil and the actual supply of it.
If war itself can be contained in a small part of the world, then Wall Street does tend to overlook these things or at least put less weight on what is going on. Nonetheless, the 200-day EMA has been an area of support a couple of times already, so the market bouncing from here is not a huge surprise and quite frankly, this is a very strong looking candlestick.
TECHNICAL LEVELS AND MARKET SENTIMENT
If we can break above the 25,000 level, that could be a very bullish sign for the Nasdaq 100, and it is worth noting that some of the big names out there like Tesla and Nvidia have shown signs of life during the session as well.
I do think it is a little early to send a ton of money into the market and declare victory, but it is a good sign that the resilience in the United States will continue. The 24,000 level is a major support level, and I think that is essentially your floor in the market.
As long as we can stay above there, it has to be said that despite the fact that there are a million reasons for the market to fall, it is just ignoring all of that and at least showing signs of life. I like buying dips, but I also recognize that hanging on to a position is probably a very difficult thing to do in this environment.