- The Nasdaq 100 tried to rally initially during the Thursday session, as the markets continued to see a lot of questions asked about the longer-term trend.
- Keep in mind we are in the midst of earnings season.
The Nasdaq 100 tried to rally initially during the day, but we've just turned around and fell apart as we continue to see just a lot of lackluster and lost movement. The 25,000 level is a large, round, psychologically significant figure and an area that I think you will have to pay close attention to.
The 50-day EMA has been a bit of a barrier and if we can break above there, then it's possible that we could go looking towards the 26,275 level. If we break down below the bottom of the range for the day, then we could drop towards the 24,000 level.
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A Lackluster Market Outlook
Really at this point, I think we've got a situation where we're just bouncing around with no real clue as to what to do next. It is earnings season and there just seems to be a general underlying lackluster market that just doesn't know what to do with itself.
I do still like the idea of buying dips, but to expect anything spectacular out of any of the U.S. indices right now is probably a bridge too far. We're just lost. Sometimes the market will do this for several months on end and unfortunately that's where we're at right now, but I do get a lot of questions about the Nasdaq 100, so I do like to check in on it occasionally.
I don't have any interest in shorting. I do buy short-term bounces, but I'm not getting married to a position at this point. We need to get through earnings season and then we can start to talk about the longer-term move to the upside.
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