The Nasdaq 100 has been very noisy in early Thursday trading, as traders are watching the ten-year yield test the 4.30& area.
The markets are still a nervous place to be.
The Nasdaq 100 has been very noisy in early trading on Thursday as we had seen yields spike in America. That of course is a negative turn of events for stocks in general, but I also recognize that the 200-day EMA sitting just below probably continues to offer a little bit of psychological support.
This is a market that despite the world being on fire has been sideways for a while and I think that is a testament to its resilience and its underlying importance to the financial system.
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The 23,800 level for me is a line in the sand and if that gets broken to the downside then I think we probably have much further to go. Alternatively, if it holds as support and we turn around and retake the 25,000 level, I'd be very interested in buying this market because I think it opens up a move back to the highs.
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This will move probably on geopolitics more than anything else, but it is worth noting that the numbers coming out of some companies like NVIDIA have been very impressive. So, with that, I do believe eventually we will go higher. I just think that it is going to be a bumpy, noisy ride along the way. The usual “buy on the dip” strategy, I think that remains the call here, although you're going to have to deal with a lot of noise and nausea along the way would be my guess. Again, I'm watching that 23,800 level for a floor. As long as that holds, I'm optimistic. I'm not necessarily extraordinarily bullish, but I am optimistic.
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