- The Nasdaq 100 did drop a bit during the early part of the trading session on Thursday, but it looks like the 30,000 level is going to continue to be important.
- It has offered a bit of support.
So with this, the fact that the Nasdaq 100 is forming a bit of a hammer later in the day is not a huge surprise, but we have to keep an eye on the Friday session mainly due to the fact that the non-farm payroll announcement comes out on Friday, and that will obviously make a difference on the attitude and of course the overall attitude and perhaps the interest rate noise that has a major influence on what happens with technology stocks.
Non-Farm Payroll Anticipation
Ultimately, if short-term pullbacks do show themselves, I think given enough time traders will look at that as a buying opportunity in the environment that we find ourselves in with artificial intelligence driving most of the narrative.
If we were to break down below the 30,000 level, I do think that ends up being a buying opportunity, just may take some time to present itself. I probably would wait until next week to get involved in this market, but only to the upside as the trend is so strong.
Keep in mind a lot of volatility and a lot of choppiness, a lot of air pockets in order flow will present themselves during a non-farm payroll Friday because, quite frankly, after the announcement and the initial positioning, most people are focusing on getting home for the weekend.
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