The Nasdaq 100 started the session off on the weak side, as rising interest rates in America caused some anxiety. That being said, we have turned around nicely today.
Nasdaq 100
The Nasdaq 100 started the session off rather weak on Wednesday, as rising interest rates in America have put a little bit of pressure on the market. That being said, this is a market that still has plenty of resiliency, and it is probably worth noting that as of late, we have seen quite a bit of dip buying out there.
With this, the markets continue to look at the 28,500 level as a bit of a floor. We are hanging around the 50-day EMA, but this indicator isn't necessarily a widely followed indicator as the market goes sideways. The market has been going sideways for a while, and the market is likely to continue to see a lot of back-and-forth action, working off some of the excess froth that we had seen previously.
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Consolidation and Technical Levels
With this, it's likely that the market will continue to try to get back to the 30,000 level, which is an area that had been resistant. Nonetheless, typically speaking, when you get consolidation, it typically leads to continuation, and it certainly seems that there have been plenty of reasons for the stock market to fall apart, yet it just won't do so.
So, with that being the case, it looks like the buyers will continue to be interested in this market and will continue to look for value. In other words, cheap contracts on the dips. This is a market that I have no interest in shorting anytime soon, even though I see plenty of reasons to be concerned about the global markets right now. Remember, price is what matters, and it's not falling at the moment.
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