The Nasdaq 100 continues to be positive as we saw another winning day on Thursday.
But having said that, I also recognize that this is a market that will remain very noisy and therefore very likely to continue to see bits and pieces of negativity jump into the market.
We will continue to look at this as a market that you are a buyer of and not a seller of and I think the 29,000 level offers a bit of a floor at the moment. Because of this, I think market participants will continue to see each dip as an opportunity to take advantage of what's a massive bullish trend.
If we were to break down below the 29,000 level, we could go looking to the 28,600 level, possibly even the 28,000 level. The Nasdaq has been greatly influenced by interest rates most of the time and the fact that the interest rates have dropped during the trading session on Thursday and price rose, that is just a continuation of everything that we've seen for some time now.
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Earnings Season Influence
I do think eventually the Nasdaq 100 goes looking to the 30,000 level but that will probably take some time to get there. We are in the midst of the earnings season and that is a major influence on where we go next.
I do think traders are starting to price in the idea that everything is going to be okay in the Middle East regardless and therefore the headlines are having less impact. This is a good thing, because it means that we could see a bit of “normalcy” going forward. With this, I remain optimistic in general, but I also would love a bit of value on a dip to take advantage of.
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