- The Nasdaq 100 tried to rally for the session on Friday, as we are looking bullish yet again. At this point, the NASDAQ 100 is a market you will be buying dips in.
Nasdaq 100 Maintains Constructive Tone as Dip Buying Persists
The Nasdaq 100 initially tried to rally but it gave back gains to show signs of hesitation as although it was very bullish on Friday, the reality is we have a lot of work to do. Underneath we have the 30,000 level and I think that's an area that a lot of people will be watching closely.
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With that being the case, I think any dip at this juncture ends up being an opportunity.
Interest Rates and Market Outlook
The Nasdaq 100 of course is moving on interest rates and other things as well, but it seems like with interest rates a little bit lower during the last day or 2, it is trying to send the Nasdaq 100 even higher, as the bulls continue to run the show.
If we were to break down below the low of the Thursday session, then it could kick off a little deeper correction, but it must be stated that most of the day was more or less a grind to the upside, at least until the afternoon as traders more likely than not trimmed positions going into the weekend because after all, anything can happen in the Middle East and all of the talk back and forth between the Iranians and the Americans and the media.
So with that, we have to be very cautious, but we also have to remember where short-term opportunities continue to offer a nice trading situation here, but I also recognize that the longer-term outlook is very bullish and I don't think there's a scenario in which I would be shorting this market anytime soon.
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