The NASDAQ 100 bounced after initially falling on Friday in electronic overnight trading. That being said, this was a holiday session in the United States, so the actual volume wasn’t much.
Nasdaq 100
The Nasdaq 100 initially fell in electronic overnight trading on Friday, but it's worth noticing that the underlying index was, of course, closed due to the fact that it was Juneteenth in the United States. Because of this, I don't read too much into the trading, because this would have all been based on futures traders or perhaps CFD traders, but not actual stock index traders or stock market traders.
Top Regulated Brokers
So, with that being the case, I think all this shows is that there is still an underlying bid here, and perhaps there was some profit-taking heading into the weekend. The 30,000 level will continue to be important in general, as it is a large, round, psychologically significant figure, and of course, is a level that has shown itself to be important multiple times.
Key Support Levels and Longer-Term Outlook
Even if we were to break down below there, then the 29,600 level is an area that could offer support again, due to the fact that it has already been here recently, and of course, it is the gap that we had kicked off on Monday. If we were to break down below there, then it opens up the possibility of a move to the 50-day EMA, which I think is essentially the floor in the market.
Longer term, I believe this is a market that will go looking towards the 33,000 level. But it is going to take a certain amount of trouble.
Ultimately, this is a market that continues to pay close attention to the artificial intelligence trade, which, of course, remains important, but I also recognize that you have a situation where there are a lot of concerns around the world. It will be choppy, it will be volatile, but I think it'll be positive in the end.
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