The NASDAQ 100 has been noisy on Wednesday, but in a good way.
It looks like interest rates rolling over is certainly helping the market, and we now find ourselves trying to break out to the upside.
Ultimately, I think this is a market that, given enough time, short-term pullbacks will be buying opportunities that traders will be more than willing to jump in and take advantage of if given the opportunity. I believe this is a market that will remain noisy and held hostage by the bond markets, with higher yields causing quite a few headaches.
If the yields continue to drift lower, that should mean good things for the NASDAQ 100 going forward. We'll just have to wait and see. Ultimately, I believe this is a market that is going to try to get to that 30,000 level because, quite frankly, we haven't had a whole lot of good news from a geopolitical or macroeconomic standpoint, but nobody seems to care.
So as long as that's the case, one would have to assume that we will get more of the same. Overall, I think this is a market that anytime it dips you have to look at it as a potential buying opportunity, but I also recognize that this is a market that could be very dangerous in the right set of circumstances.
Volatility and Key Levels
I like the idea of buying the dip and taking advantage of those dips as they occur, but I also recognize that volatility will be the way forward. Ultimately, I like this as a market for the longer term, and with this, I believe that traders will continue to look at the 28,500 level as a potential short-term floor.
Top Regulated Brokers
Given enough time, I do believe that if we were to break down below there, we could go looking to the 50-day EMA, but that almost certainly would accompany massive rates climbing in America.
Right now, it looks like we had gotten a little overdone, and I think traders are looking at it through the prism of a market that, quite frankly, just has a lot of things to worry about. But generally speaking, we're focusing on AI trading yet again.
Ready to trade our daily stock market forecast? Here are the best CFD stocks brokers to choose from.