The NASDAQ 100 continues to see buyers, but at this point, we are waiting for the next headline out of the Middle East.
The NASDAQ 100 has been a bit positive during the trading session here on Friday, heading into the weekend as the SpaceX IPO has hit. That being said, I think we've got a situation where traders are also watching the situation in the Middle East, and it is believed, as the Iranians have even stated themselves, that the United States and Iran are closer to peace than they had been in the past.
That being said, this does set up a potential problem. After all, if we get some type of negative headline or backtracking over the weekend, that could open the market to significant selling. All things being equal, I think this is a market that continues to bounce around between the 28,500 level and the 30,000 level above. The 50-day EMA sits right around that area, and that also offers support, all things being equal.
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Trying to Work Off Excess?
When I look at this, I believe this is a market that's trying to go sideways just to work off a lot of that excess froth that we had built into this market for a while. Nonetheless, I believe this is a market that eventually goes higher, but we need some good news on the Middle East. We need to understand exactly what it is that the situation will end up producing overall.
With this, I believe market participants will continue to be very cognizant of the latest headlines and the latest potential threats out there all things being equal I do think eventually we find a reason to break out above the $30,000 level, but I also recognize that we could get the occasional pullback between now and then and General I believe that we continue the longer-term uptrend all we need is a little bit of positivity and maybe rates dropping a bit.
I think that's your magic combination.
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